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Tax Exemption: Opportunity for women earning from business to get tax exemption! These benefits will save a lot of tax

Tax Exemption: The government provides many types of tax benefits to the taxpayers in the country under the Income Tax Act, 1961. And most of the exemptions and benefits given in the tax system are the same for everyone, only different rules have been kept regarding income bracket and income source etc. Apart from salary income, different types of tax exemptions are also available on business income. And women entrepreneurs can also take advantage of many types of tax benefits. We are talking about such tax exemptions here.

What tax exemptions can women doing business avail?

Although women entrepreneurs do not get any special tax exemption separately, there are many deductions that they can claim from the regular tax benefits. Under Section 80C, exemption can be claimed on gross earnings, business loan, insurance policy premium, or purchase of property etc.

Under which sections can women business owners save tax?

Section 80C Women business owners can get tax exemption of up to Rs 1.5 lakh per annum on their total income under Section 80C. For this, they can invest in post small savings schemes, Public Provident Fund, National Pension Scheme, ELSS and 5-year tax saving FD.

Section 80D

Under this section, if you are paying health insurance premium for yourself, your children or parents, then you can get tax exemption on it.

Section 80E

If you are taking a higher education loan for yourself, your husband or your child, then tax exemption can also be availed on its monthly installment (EMI)

Section 24

If you have taken a home loan, you can save Rs 2 lakh annually on its installment.

Section 10(10D)

If you have claimed a life insurance policy and have received sum assured and bonus on it, then you can get tax exemption on that too.

Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com
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