Income Tax: 4 key long term tax saving investment options for women investors
Also Read: Income Tax: Filing ITR early this time? Here are 8 key strategies to optimise tax savingsA housewife is required to file an income tax return if she earns income from any source, such as interest, dividends, or tuition, and this income exceeds the basic exemption limit. Under the old tax regime, the exemption limit is Rs.
2,50,000, while this is Rs. 3,00,000 under the new tax regime.
Also Read: Income Tax: Make note of these 5 key points if you are a salaried taxpayer
Understanding income tax slab for FY 2023-24Before diving into specific schemes, it’s essential to know that the tax slabs that apply to women are the same as what apply to men.
Knowing where you stand can help in better planning and maximising your savings.Income Slab (Rs)Old Tax RegimeNew tax Regime(until 31st March 2023)New Tax Regime(From 1st April 2023)0 - 2,50,0002,50,000 - 3,00,0005%5%3,00,000 - 5,00,0005%5%5%25,00,000 - 6,00,00020%10%5%6,00,000 - 7,50,00020%10%10%7,50,000 - ₹9,00,00020%15%10%9,00,000 - 10,00,00020%15%15%10,00,000 - 12,00,00030%20%15%12,00,000 - 12,50,00030%20%20%12,50,000 - ₹15,00,00030%25%20%>15,00,00030%30%30%Let’s explore some effective tax-saving options tailored for women:It is a government-backed savings scheme designed specifically for the girl child, encouraging parents to save for their daughter's education and marriage expenses. The SSY falls under the EEE (exempt, exempt, exempt) tax category.
This means you won't have to pay taxes on investments, earnings, or withdrawals. If you have a daughter, this scheme is considered quite beneficial and rewarding.Tax exemption is provided under Section 10 (11A) of the Income Tax Act, 1961, and investments made in the SSY scheme are eligible for a deduction under Section
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