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What is the tax exemption for a woman?

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What is the tax exemption for a woman?

The Government of India also provides income tax rebate for women available in accordance with Section 87A of the Income Tax Act, 1961. As announced in the 2019 Union Budget, women taxpayers in India with a total income of up to Rs. 5 Lakh can avail a rebate of up to Rs. 12,500 on their taxes.

Which scheme is best for tax saving?

We have listed the best tax saving schemes options for 2020-21 in this article.

  1. Unit Linked Insurance Plan (ULIP)
  2. ELSS Mutual Funds.
  3. Public Provident Fund (PPF)
  4. Sukanya Samridhi Yojana (SSY)
  5. National Savings Certificate.
  6. Tax-savings fixed deposit.
  7. Senior Citizen Savings Scheme.
  8. School Tuition Fees:

Can I save 100% tax?

Tax savings scheme under Section 80C, NPS under Section 80CCD(1b), education or house loans, and even insurance premiums can help you achieve the goal of zero tax in a given year if your annual salary is less than Rs 10 lakh per year.

How can I save my 30% tax?

Tax exemptions can be availed by investing in the following tools:

  1. Senior Citizen Savings Scheme (SCSS)
  2. Sukanya Samriddhi Yojana (SSY)
  3. National Pension Scheme (NPS)
  4. Public Provident Fund (PPF)
  5. National Pension Scheme (NPS)

How can housewife save tax?

​Invest in homemaker wife’s name For example, if the wife invests the gifted money in tax-advantaged options such as stocks and equity funds, the husband will not be taxed for long-term capital gains of up to Rs 1 lakh in a year and that amount will then be treated as the income of the wife.

What is the income tax slab for ladies 2020 21?

The New Income Tax Slab for FY 2020-21

Income Range Applicable Tax Rate
Up to Rs.2.5 Lakh Nil
Rs.2,50,001 to Rs.5,00,000 5% of the total income that is exceeding Rs.2.5 lakh
Rs.5,00,001 to Rs.7,50,000 10% of the total income that is exceeding Rs.5 lakh

Is 5 year FD tax free?

One can claim an income tax deduction by investing money in a five-year FD scheme under Section 80C of the Income Tax Act, 1961. The features, benefits, and terms associated with this type of account may not be completely the same as the normal FD accounts.

How can I pay less tax?

10 ways to minimise your tax bill

  1. ENSURE YOUR TAX CODE IS CORRECT.
  2. CLAIM YOUR FULL ENTITLEMENT TO TAX RELIEF ON PENSION CONTRIBUTIONS.
  3. CLAIM ALL TAX RELIEF DUE ON CHARITABLE DONATIONS.
  4. Reduce High Income child benefit tax charge.
  5. TAKE FULL ADVANTAGE OF YOUR PERSONAL ALLOWANCEs.
  6. CHOOSE THE BEST EMPLOYMENT STATUS.

What is NSC scheme?

The National Savings Certificate (NSC) is a fixed income investment scheme that you can open with any post office branch. The scheme is a Government of India initiative. It is a savings bond that encourages subscribers – mainly small to mid-income investors – to invest while saving on income tax.

How can I pay zero tax upto 15 lakhs?

1. Reduce Your Taxable Income by Up To Rs 1.5 Lakhs (Section 80C, 80CCC, 80CCD)

  1. Unit Linked Insurance Plans (ULIPs)
  2. Pension or Annuity Plans from Life Insurance Companies.
  3. Public Provident Fund (PPF) & Employee Provident Fund (EPF)
  4. New Pension Scheme Tier-I Account.
  5. Senior Citizen Savings Scheme.

How can I save tax beyond 1.5 lakhs?

Best 10 Tax Saving Investment Options Other Than 80C

  1. Tax saving with NPS under Section 80CCD (1B):
  2. Tax savings on Health insurance premiums under Section 80D:
  3. Tax savings on repayment of an Education loan under Section 80E:
  4. Tax savings on Interest component of Home loan under Section 24: