Many ways to save tax for women, learn here

Many ways to save tax for women, learn here

Working women can save their salaries with tax deductions in these ways. Learn from Experts

At present, working women of the middle class are worried about the deduction of tax from their salaries, but now they do not have to worry about this because there are some ways in which they can save their tax. Policymaker Santosh Agarwal, Head of Insurance (Women), Life Insurance, is quoting tips.

The option of tax deduction under insurance: Although insurance is a security tool, it has never been the primary means of saving tax. But still, it provides benefits under section 80C and 10 (10D) under life insurance and tax deduction under 80D in health insurance.

ULIP: With the introduction of the new generation ULIPs and being the most preferred investment option among the youth, it also provides tax exemption under Section 80C. Ulips is a low-cost investment product with almost no premium allocation fee and policy administration fee. IRDA has fixed the highest limit of fund management fee of 1.35 percent, in which the rate is between 1 to 1.35 percent in all its products.

In this one part of your investment goes to life insurance, while the second part is invested in the market to get the maximum benefit. There are also many other features like free swaps between different funds, freedom from death, income gains and loyalty editions etc.

PPF: Public Provident Fund is one of the most popular and reliable long-term investments and tax savings plans. The rate of interest on PPF is determined by the government and its lock-in period is 15 years, so it provides tax-free benefits to the investor.

Other options include investing in market-related products, they come with their different risks but also give good returns.

Selecting insurance: While planning tax saving options for women employed, 80D is one of the most important sections that must be paid attention. It facilitates deduction of taxable income when paying health insurance premium up to Rs. 25,000 per year. Health insurance is a basic necessity for every person and especially salaried women because paying a premium for health insurance not only provides you insurance cover but also receives many tax benefits.

Deductions under Section 80C: PPFA NPSA ULIP is some of the investment options you can choose to invest your money. They can save tax up to Rs 1,50,000 each year. Those women who want to save for their retirement days, they should actively pay attention to the growth of their investment.

Investing in NPS gives an additional benefit of Rs 50,000 under Section 80CCD (1B).

Many ways to save tax for women, learn here