Nirmala Sitharaman, the country's second women finance minister, who is all set to present the full Budget 2019 on July 5 might go an extra mile to further empower the women class to have a better lifestyle.
Some of the major expectations or steps likely be taken to provide them an edge over male population includes:
1. Higher income exemption limit to come under tax net or be provided a higher rebate:
This used to be a scenario until few years back but as the basic income exemption limit went on being increased, the differentiating factor faded away.
2. Tax benefit in respect of crèche expenses or allowance:
A payment of tax exempt allowance up to a certain threshold will certainly help the working class who are struggling in the upbringing of their child given the high cost. This can be extended on a per child basis per month say for instance as Rs. 7500 against crèche expenses.
3.Additional deduction of upto Rs. 50,000 for saving towards Sukanya Samriddhi scheme:
The scheme can further be promoted by doling out additional incentive as tax deduction over and above the 80C bracket wherein the investment is covered.
4.Conveyance allowance should be made tax-exempt:
Upto a certain limit, the women taxapayers should be relieved from the tax implication on conveyance allowance extended for them.
Upper limit of 8 years to claim deduction on interest paid on education loan under section 80E should be done away with.
6.Income for investments made in the name of a girl child should not be clubbed:
For parents who intend to secure their girl's financial future through varied investments, the centre must look at doing away with the clubbing of income from the investment i.e. in the girl's name. Currently, the exemption is for Rs. 1500 per minor chlid.
7.Additional deduction on interest on home loan taken by women borrower:
In the current case, the interest deduction is limited to Rs. 2,00,000 and an additional advantage in deduction limit will boost property buying by women taxpayers.