International Women's Day 2023: Employed women - Save tax like this, these tips are of great use...
International Women's Day 2023: International Women's Day is celebrated worldwide to support women's rights. To truly empower women, it is necessary that they get equal rights in the political-social realm, but any goal of women's empowerment is incomplete without economic strength. Today women are doing jobs in every field. If you are also a working woman, then by following these measures, you can manage your tax liability better.
1. Home will save income tax
If you have taken a home loan and are paying its EMI every month, then you can easily use it to save income tax. A tax deduction can be claimed on both principal and interest on the home loan. Under section 80C on the principal amount, tax exemption is available on payment of up to Rs 1.5 lakh in a year, while under section 24 on interest, up to Rs 2 lakh is exempted in a year.
2. Rented house also saves tax
If you live in a rented house, you can save a lot of tax on the rent paid every month. How much tax exemption you will get for HRA, will be decided by the amount of rent as well as what is your basic salary and in which city you live. The exemption on HRA cannot be more than 40 or 50 percent of your basic salary.
3. Triple benefit of Sukanya Samriddhi Yojana
If you have a daughter below 10 years of age, then you can invest in Sukanya Samriddhi Yojana (SSY) for her. Triple E (EEE) benefit is available on the investment made in this scheme. That is, the investment made in it, the returns received and the maturity amount – income tax exemption is available on all three.
4. Tax exemption on education loan
If you have taken a loan for the higher education of yourself, your spouse, or your children, you can claim a tax deduction on the interest under section 80E. The special thing is that there is no limit on the maximum amount for availing the deduction on an education loan. But this tax exemption on repayment of interest is available only for a maximum period of 8 years.
5. Take care of tax along with health
Health insurance not only saves you from the burden of sudden expenses arising during an emergency, but with its help, you can also reduce your tax liability. Under Section 80D of the Income Tax Act, you can avail of tax exemption on health insurance purchased for yourself, your spouse, children, or parents.