Top tax saving options for women in 2023

Mar 06, 2023 Rajeev Kumar

All salaried employees, including women, should take control of their taxes. As we gear up to celebrate International Women’s Day 2023, let’s take a look at top tax-saving options

[{"selector":"#anim-051d2c54-bdb9-4a4b-9b7e-42441a736265 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(33.12499988622574%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}]

Before getting into the options, remember that tax slabs and saving rules in India are gender-neutral since 2012-13.

[{"selector":"#anim-09285234-f19d-4a56-a33b-39d6a884fdd4","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-42896954-87f8-413e-bd9d-bfec0c34140b","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

It will be easier for women to maximize their savings by knowing the following tax benefits they are eligible for.

[{"selector":"#anim-f692db14-4c88-4def-a189-01d6156dae34","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-b986c736-447b-4973-85db-919f54aac922","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-9eb318c1-612c-40cf-9a0b-0a38a3d58dd4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

If you and your spouse have taken a joint home loan, you can claim tax deductions up to Rs 1.5 lakh under Section 80C on principal repayments and Rs 2 lakh towards interest repayments under Section 24.

[{"selector":"#anim-c08c9ed1-7cf4-4fbf-aa4d-da48820a938f","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-09d9b241-5665-476b-b311-71f9c25efee8","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

Section 80EE allows additional tax benefit of up to Rs. 50,000 for first-time homebuyers with a loan value not exceeding Rs. 35 lakh.

[{"selector":"#anim-8a06b8fa-b810-4c41-9f4a-38a21b403f59","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-c52279d0-e95f-4275-9902-887d04f70939","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

Under Section 80TTA, tax deductions up to Rs 10,000 is allowed on the interest earned on a savings account.

[{"selector":"#anim-607bdd5a-c3dc-463a-b8b4-5504e6a364dd","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-c28315b6-3bea-4e78-bea0-0fd507015f2f","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

You will be eligible for HRA tax benefits if you are paying house rent.

[{"selector":"#anim-d6ba60c7-ecf2-46d0-a48d-78c3f2603a59","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-82b90c40-0920-4bfd-8672-cd7d7d64b690","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

Section 80E provides a tax deduction on the interest component paid on a loan taken for higher education

[{"selector":"#anim-af65fe40-f0e7-4b6e-9221-02ab493c1f15","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-ee54ec5e-943a-42ea-afbc-a1189bda5d24","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

Under Section 80D, claim up to Rs. 25,000 on premiums paid towards health insurance for yourself, spouse, and dependent children.

[{"selector":"#anim-d8e2c055-3a23-46b8-949b-e1d063d374d7","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-f7dcf823-a9c1-475c-8799-3498bf2820ac","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

Claim Section 80C deduction up to Rs 1.5 lakh with following options:

[{"selector":"#anim-d7da4bfd-2e4d-48dc-8860-d6cf3a39985d","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-c4cfb52d-047d-4144-8b8b-ed01367d9529","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

Claim additional Rs 50,000 deduction if investing in NPS.

[{"selector":"#anim-c7265dee-a0be-4ed1-ab5f-5ab5c00a4e90","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-c6da225d-40d5-4a66-a2be-0d8fa3625fab","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

Claim tax exemptions on child education and medical allowances provided by employers.

[{"selector":"#anim-a83e980c-302e-4250-9599-424f498d30f4","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-5372c093-7779-4fbf-8352-17d169dd6526","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

Food coupons provided by companies can reduce taxable income by Rs. 26,400 per annum.

[{"selector":"#anim-4a56db53-9b6c-4eaa-8b99-0babf2ed00ec","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-b5ce38e5-64ba-4cc3-b944-a7dbf164867d","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Read More

Top tax saving options for women in 2023

Top tax saving options for women in 2023

All salaried employees, including women, should take control of their taxes. As we gear up to celebrate International Women’s Day 2023, let’s take a look at top tax-saving options

All salaried employees, including women, should take control of their taxes. As we gear up to celebrate International Women’s Day 2023, let’s take a look at top tax-saving options

Before getting into the options, remember that tax slabs and saving rules in India are gender-neutral since 2012-13.

Before getting into the options, remember that tax slabs and saving rules in India are gender-neutral since 2012-13.

It will be easier for women to maximize their savings by knowing the following tax benefits they are eligible for.

It will be easier for women to maximize their savings by knowing the following tax benefits they are eligible for.

If you and your spouse have taken a joint home loan, you can claim tax deductions up to Rs 1.5 lakh under Section 80C on principal repayments and Rs 2 lakh towards interest repayments under Section 24.

If you and your spouse have taken a joint home loan, you can claim tax deductions up to Rs 1.5 lakh under Section 80C on principal repayments and Rs 2 lakh towards interest repayments under Section 24.

Home Loan Repayment

Section 80EE allows additional tax benefit of up to Rs. 50,000 for first-time homebuyers with a loan value not exceeding Rs. 35 lakh.

Section 80EE allows additional tax benefit of up to Rs. 50,000 for first-time homebuyers with a loan value not exceeding Rs. 35 lakh.

Home Loan Repayment

Under Section 80TTA, tax deductions up to Rs 10,000 is allowed on the interest earned on a savings account.

Under Section 80TTA, tax deductions up to Rs 10,000 is allowed on the interest earned on a savings account.

Savings Account

You will be eligible for HRA tax benefits if you are paying house rent.

You will be eligible for HRA tax benefits if you are paying house rent.

House Rent Allowance

Section 80E provides a tax deduction on the interest component paid on a loan taken for higher education

Section 80E provides a tax deduction on the interest component paid on a loan taken for higher education

Education Loan

Under Section 80D, claim up to Rs. 25,000 on premiums paid towards health insurance for yourself, spouse, and dependent children.

Under Section 80D, claim up to Rs. 25,000 on premiums paid towards health insurance for yourself, spouse, and dependent children.

Health Insurance

Claim Section 80C deduction up to Rs 1.5 lakh with following options:

Claim Section 80C deduction up to Rs 1.5 lakh with following options:

Tax Saving Investments

PPFELSSEPFTax-Saving FDNSCULIPNPS

PPFELSSEPFTax-Saving FDNSCULIPNPS

Claim additional Rs 50,000 deduction if investing in NPS.

Claim additional Rs 50,000 deduction if investing in NPS.

Extra 50,000 with NPS

Claim tax exemptions on child education and medical allowances provided by employers.

Claim tax exemptions on child education and medical allowances provided by employers.

Child education

Food coupons provided by companies can reduce taxable income by Rs. 26,400 per annum.

Food coupons provided by companies can reduce taxable income by Rs. 26,400 per annum.

Food coupons