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.
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