The government provides many types of tax benefits to the taxpayers in the country under the Income Tax Act, 1961. And in the tax system, most of the exemptions and benefits given are given to everyone equally, only different rules have been kept regarding income bracket and income source etc. Apart from salaried income, different 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 exemption, there are many deductions that they can claim from the regular tax benefits. In this, 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 annually on their total income under Section 80C. For this, she 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 are getting tax exemption on it.
Section 80E
If you are taking a higher education loan for yourself, your spouse or your child, then you can also avail tax exemption 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 also.
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