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Tax Saving FDs can help save tax under section 80C, with 5-year maturity, offered by banks and post offices, but premature withdrawal is not allowed. Maximum investment is Rs. 1.5 lakhs.
Some of the tax and other incentives which a women salaried employee can avail include reduced interest on home loan, stamp duty concession etc. to empower women.
Tax-saving options beyond Section 80C under the Income Tax Act explained.
Banks offer tax-saving fixed deposits with attractive interest rates and tax exemptions.
The government has proposed that from FY24, maturity proceeds from life insurance policies with aggregate annual premium of over ₹5 lakh will be taxed.