Empowering Women Taxpayers: Tax saving investment strategies for women

financialexpress.com:

In India, women play multifaceted roles as homemakers, professionals, entrepreneurs, leaders and caretakers. Amidst all these responsibilities, understanding tax-efficient investment strategies is essential for their financial empowerment and security. There are certain tax benefits available specifically for women taxpayers.

This article provides a brief overview on the tailored tax investment tips to enable Indian women optimize their tax planning and financial resources and achieve their long-term goals.

The Sukanya Samriddhi Yojana is a government backed savings scheme specifically designed for the benefit of the girl child. The scheme aims to promote the welfare of the girl child and encourage parents to save for their education and marriage expenses.

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Certain key aspects of the scheme are as follows:

* An account under such scheme may be opened by any of the parents/guardians in the name of a girl child till she attains the age of 10 years. Further, it is pertinent to note that an account under this Scheme may be opened for a maximum of two girl children in one family, subject to certain exceptions.

* The account may be opened with a minimum initial deposit of Rs. 250. However, the total amount deposited in an account shall not exceed Rs. 1,50,000 in a financial year

* Deposits may be made in the account till the completion of a period of 15 years from the date of opening of the account.

* The current interest rate on such scheme is 8.2% per annum.

* The account shall be operated by the guardian till the account holder (i.e., girl child) attains the age of 18 years and thereafter the account may be