Tax Planning

Every thing girls have to learn about tax planning

While tax planning is necessary for everyone, it is especially important for women. Several recent studies have shown that women experienced more job losses and greater difficulty balancing work from home compared to their male counterparts during the social distancing required by the Covid-19 pandemic.

Given the unequal pay and cumbersome work-life equation that troubles women, it is imperative that working women take all possible steps to reduce the tax outflow and save their hard-earned wealth.

Why should women plan their finances?

Planning their finances helps women achieve tremendous levels of independence, protection, and purpose. Women often prioritize their responsibilities as mothers and women over their careers and thus endanger their independence. However, sound financial planning can help you get through the years of housework while holding onto your savings. As a single woman, keeping your finances secure is even more important as you may not have a partner to rely on in an emergency.

Reading | The government needs to take additional steps to educate women about financial literacy, activists say

Smart financial planning also secures your future, especially if you want to retire early. According to a report by the World Health Organization (WHO), women typically live one
an average of six to eight years longer than men. This means that you should come up with a financial plan that is airtight enough to support you in your life after retirement. In addition, financial planning enables you to achieve your purpose and goals in life. Be it a vacation abroad or the purchase of that dream home, financial planning can help you meet your needs.

The importance of tax planning

As you all know, women have to work twice as hard to earn money and respect. Why let tax outflows eat into your nest egg?

Tax planning gives you a legitimate means of mitigating your tax liabilities and helping you take advantage of tax exemptions and deductions, as well as the benefits offered by the government.

Lowering your tax bill, ensuring financial stability, and increasing the productivity of your income are some of the assured benefits of tax planning.

While women used to have lower taxes, tax returns are now the same for both sexes.

Save taxes by investing

Women can save on tax outflows by parking funds in tax-saving instruments like the Public Provident Fund (PPF), National Pension System (NPS), Stock-Linked Savings Plans (ELSS), Fixed Income (FDs), life insurance and health insurance. etc.

Also read | A survey shows that almost 50% of Indian women do not invest because they lack the knowledge of investing

ELSS is a particularly popular tool given the short lock-up periods (three years) and potentially better returns. Because ELSS income and maturity proceeds are tax-free, ELSS funds can help you create long-term wealth as long as you meet the lock-up period.

Even if you are planning a fulfilling career trip and living up to your working woman ideals, managing your finances and tax plan is important to ensure that you can maintain your lifestyle over the long term.

((The author is Head Broking, IIFL Wealth Management)

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