Before 2012-13, women enjoyed a higher tax exemption limit than men. But today, men and women enjoy the same tax exemption limits and rebates. 
 

The income tax slabs for all taxpayers depend on their age and income. The rate of increase in income tax payable by a person is directly equivalent to their income. It is indirectly proportional to their age. This means the higher the taxpayer's income, the higher the amount of tax to be paid. 
 

Income tax benefits that Women can avail of

For salaried women, a basic deduction of up to ₹ 50,000 under the category' income from salaries' only on their income.
 

1. Under Section 80 CCD (2)

   Tax exemption for women on a National Pension Scheme contribution by the female employer to her NPS account. However, no tax exemption benefits are allowed on the employee's contribution. For employees in the private sector, it is up to 10% of their salary income, while it is up to 14% of the salary of government sector employees.
    

2. Agniveer Corpus Fund (under 80 CCH)

   Any contributions made to the Agniveer Corpus Fund, including contributions by the government or the Agniveer to the Agniveer Seva Nidhi account. 
    

3. Section 80 JJAA

   This deduction is provided against income from the business for an assessee who has additionally hired employees during a given fiscal year. Additional employee costs of up to 30% can be availed. 
    

4. Savings Schemes

   Interest on Post Office savings accounts is exempted up to ₹ 3,500 under Section 10(15)(i) of the Indian Income Tax Act for individual accounts and ₹ 7000 for joint accounts. Moreover, funds received from Life Insurance post-maturity of the account are also eligible through tax exemption for women as per Section 10 (10D). Interest and maturity amounts received from the Sukanya Samriddhi Account can also be availed of as tax exemption benefits. 
    

5. Allowance by Employers

   Exemption on travel allowances of disabled employees, allowance to cover an employee's travel cost or transfer, conveyance allowance, and daily allowances. 
    

   In the case of non-government employees, if they receive a commuted pension, 1/3rd of the amount qualifies for tax exemption if the employee receives gratuity. If an employee doesn't avail of gratuity, then ½ of the commuted pension is liable for tax exemption. 
    

   Gifts received from employers are tax exempted for up to ₹ 5000
    

Income Tax benefits through Life Insurance
 

Term life insurance plans are a well-known investment that women must include in their financial planning portfolio. The premiums you pay for a term life insurance policy to secure your finances and your dependents' future qualify for tax exemption. Let's look at various tax benefits women can avail of through life insurance.
 

1. Tax Benefits on Premium Payments

   For life insurance premiums paid on policies like endowment plans and unit-linked insurance plans (ULIPs), women may be eligible for deductions under Section 80C. Other qualified assets like provident funds and equity-linked saving plans (ELSS) are included in the overall deduction limit under Section 80C, which is 1.5 lakh. Women who choose life insurance plans with tax advantages can lower their taxable income and save significant money on taxes.
    

2. Tax Benefits on Maturity/Death Benefits

   When the policy term is up, life insurance policies pay maturity benefits or tax-free death benefits to the nominee if the policyholder passes away. Both the maturity proceeds and the death benefits are tax-exempt under Section 10(10D), guaranteeing that the money collected is used only for the benefit of the beneficiaries. Due to this tax break, women can invest in life insurance tax-efficiently because it protects their loved ones from tax responsibilities while offering support during difficult times.
    

3. Specific Tax Benefits for Women

   In addition to the standard Section 80C deduction, female policyholders in India are also eligible for an additional deduction under Section 80D of 50,000. This tax break honours women's valuable contributions to their families and encourages them to get life insurance for increased financial stability. Women can maximise their tax savings while purchasing life insurance to protect their families future by looking into products that provide this additional deduction.
    

4. Tax Benefits for Policies Purchased for Children

   Tax advantages apply to life insurance policies acquired for children, such as child plans. Section 80C allows for deducting the premiums paid for these plans, which can save parents money on taxes while ensuring their child's future education and other milestones. Additionally, under Section 10(10D), the maturity proceeds from child plans are tax-exempt, guaranteeing that the accumulated corpus is kept tax-free for the kid's benefit.
    

5. Tax Benefits for Riders and Add-Ons

   Additional riders like critical illness, disability, and accidental death benefits are frequently included in life insurance plans. Under Section 80C, premiums for these riders are deductible expenses. Additionally, Section 10(10D) 's tax exemption of the critical illness rider payouts provides support during trying times. Women are more likely to personalise their life insurance policy thanks to the tax advantages associated with riders, giving complete protection for their families and themselves.
    

6. Tax Implications on Surrendering or Selling Policies

   The surrender value or sale proceeds of a life insurance policy that is sold or surrendered before the lock-in term is up may be subject to taxation. The tax deduction under Section 80C may be reversed if a policy is surrendered within the first five years. Additionally, if the policyholder makes a profit on the sale of the policy, capital gains tax can be due. Women can make wise judgements during financial emergencies or changes in their investing needs by being aware of the tax repercussions of policy surrender or sale.
    

Things to keep in mind while Utilising Life Insurance Policies for Tax benefits:
 

• Tax-Saving Strategies with Life Insurance

  Women can maximise their tax benefits by wisely using life insurance. They can take advantage of the most tax benefits by looking into life insurance policies that give Section 80C and Section 80D deductions. They can also save taxes while accomplishing their long-term goals by matching their life insurance needs with specific financial goals, including retirement planning or kid education.
   

• Reporting Life Insurance in Income Tax Returns

  It is crucial to accurately disclose life insurance premium payments and policy information when completing income tax returns. Women should disclose premium payments accurately to qualify for Section 80C and 80D deductions. Giving the Income Tax Department specific policy details, such as policy numbers and insurer information, makes it easier for them to confirm the claims' veracity.
   

Conclusion

In conclusion, the Indian government and tax system renders various benefits and tax reliefs to empower women. However, no specific deductions are exclusively dedicated to income tax for women under the Indian Income Tax Act since the common tax slab was introduced for both genders in 2012—13. 
 

Women taxpayers can take advantage of the deductions under different act sections. Additionally, it is important to know the tax slabs and deductions under income tax for women to plan finances. Life insurance is a great investment to save up and manage your taxes.