Financial planning is important for everyone, but more so for women as their life expectancy is longer than of men even as they earn less than them due to the gender pay gap at most workplaces. A working woman should start tax planning right when she starts her first job to accumulate enough corpus by the time she retires. In most instances, women take a mid-career break to look after their children. This break means no salary for those many months. This should also be taken into account while planning finances.
Here is how women should plan their taxes:
1) Life insurance: A sum of women's salary must go into buying a life insurance policy. They can claim tax benefits against it under section 80(C) of Income Tax Act. There are so many benefits attached with life insurance policies: life cover, investments, savings, child education planning, life stage planning and even retirement planning.
