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The government provides a variety of tax benefits to taxpayers in the country under the Income Tax Act, 1961. And most of the exemptions and benefits given in the tax system are given equally to everyone, only different rules are kept regarding income group and income source etc. Apart from salaried income, various types of tax exemptions are also available on business income. And women entrepreneurs can also avail various tax benefits. We are talking about such tax exemption here.
What tax exemptions can business women avail?
Although women entrepreneurs do not get any special tax exemptions, there are several deductions that they can claim from regular tax benefits. In this, exemption can be claimed on gross income, business loan, insurance policy premium or purchase of property etc. under Section 80C.
Under which sections women businessmen can save tax?
Section 80C: Under Section 80C, women business owners can get tax exemption up to Rs 1.5 lakh annually on their total income. For this, she can invest in Post Small Saving Scheme, 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 are getting tax exemption on it.
Section 80E
If you are taking a higher education loan for yourself, your spouse or your child, you can also avail tax benefits on your 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 received the sum assured and bonus on it, you can get tax exemption on that too.