A will to save money can now also be seen among women aged between 26 and 30 years of age in India. 46% of the young women filing returns took full advantage of the deduction limit of Section 80C of the Income Tax Act. In the repot issued by fintech company Clear, which assists people in tax filing has claimed that concessions in tax can be enjoyed under section 80C, if investments are made in EPF, PPF, NSC, Sukanya Smriddhi, tax saving FD, LIC premium, and infra-bond.
As per the report, only 11% of the women did not utilize this concession. 10% of female tax payers took advantage of concessions up to 1-1.5 lakh rupees, and an equal share of women enjoyed concessions of rupees 50 thousand- 1 lakh. 24% of them enjoyed tax benefits up to rupees 50 thousand. 34% of women aged between 26 and 30 years filed tax returns this year, 35% aged above 50 years did so, 27% of women aged between 31 to 35 filed the return, and 21% of them aged between 36 to 50 filed it.
The survey report further revealed that the largest share of people filing returns was from the middle age group of 36 to 50 years, 3% aged less than 26 years, 6% were aged above 50 years, 25% belonged in the age group of 26-30, and 33% of them aged between 31-35 years.
