Message: Return type of CI_Session_null_driver::open($save_path, $name) should either be compatible with SessionHandlerInterface::open(string $path, string $name): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Return type of CI_Session_null_driver::close() should either be compatible with SessionHandlerInterface::close(): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Return type of CI_Session_null_driver::read($session_id) should either be compatible with SessionHandlerInterface::read(string $id): string|false, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Return type of CI_Session_null_driver::write($session_id, $session_data) should either be compatible with SessionHandlerInterface::write(string $id, string $data): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Return type of CI_Session_null_driver::destroy($session_id) should either be compatible with SessionHandlerInterface::destroy(string $id): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Return type of CI_Session_null_driver::gc($maxlifetime) should either be compatible with SessionHandlerInterface::gc(int $max_lifetime): int|false, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
As more women actively engage in managing their finances, investing in tax-saving options has become a crucial part of financial planning. In India, several investment avenues not only promise attractive returns but also offer significant tax benefits. Some options are general, while others are specifically designed for women. Here's a closer look at some of the key tax-saving investment options women can consider:
Sukanya Samriddhi Yojana
Aimed at securing the future of a girl child, this government-backed scheme provides tax-free returns and tax deductions under Section 80C. It also falls under the exempt-exempt-exempt category (EEE), meaning investments, earnings, and withdrawals are tax-free.
National Savings Certificate (NSC)
With fixed returns and tax deductions under Section 80C, NSC offers women an easy and safe way to save on taxes. The scheme, available at post offices, currently provides an interest rate of 7.7% and has a minimum deposit requirement of Rs 1,000.
Public Provident Fund (PPF)
A long-term tax-saving investment, PPF offers a 7.10% annual interest rate (for FY 2025). With a maximum annual contribution limit of Rs 1.5 lakh, the scheme provides tax benefits under Section 80C, with interest being tax-free.
Insurance
Life insurance policies offer tax deductions under Section 80C for self and family. Health insurance premiums also qualify for tax deductions, making insurance a good option for women seeking both protection and tax savings.
Equity-Linked Savings Scheme (ELSS)
ELSS offers tax deductions under Section 80C, with the potential for high returns, though it comes with higher risks due to its market-linked nature. A three-year lock-in period makes it suitable for women with a high-risk appetite.
Employee Provident Fund (EPF)
EPF contributions by employees are eligible for tax deductions under Section 80C. Employer contributions are also tax-free, making this a popular and secure tax-saving option.
National Pension Scheme (NPS)
In addition to the Rs 1.5 lakh tax benefit under Section 80C, NPS allows a further deduction of up to Rs 50,000 under Section 80CCD (1B), providing more room for tax savings.
Tax-Saving Fixed Deposit (FD)
Fixed deposits with a lock-in period of five years offer tax deductions under Section 80C. The maximum tax-deductible amount is Rs 1.5 lakh annually, though the interest earned is taxable.
Home Loan
Women can claim tax deductions on home loan principal repayments under Section 80C (up to Rs 1.5 lakh) and interest payments under Section 24(b) (up to Rs 2 lakh), making it a valuable option for homeowners.
Senior Citizen Savings Scheme (SCSS)
SCSS investments qualify for deductions under Section 80C. This scheme is a good option for women above the age of 60, offering both safety and tax-saving benefits.
By strategically using these tax-saving investment options, women can reduce their taxable income while ensuring financial growth for themselves and their families.
