Financial planning is crucial for salaried women due to lack of financial literacy. Tax-saving strategies include overlooked avenues for substantial savings. Life endowment policies offer tax advantages applicable to both men and women, while ELSS mutual funds provide flexibility.
Public provident fund (PPF), Sukanya Samriddhi Account (SSA), National Savings Certificate (NSC) are among the popular instruments that offer deductions under section 80C.
Despite the increase in awareness around the importance of incorporating tax planning into the overall financial planning strategy and starting early, many tend to put off the process until the last minute.
Financial Literacy News: Tax-saving time is here. You have until March 31, 2024, to finalize your tax-saving plans for the 2023-24 financial year. If you're sticking to the old tax rules, there are plenty of deductions and exemptions to help you save on income tax.