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HUF like benefits for single mothers and more, what women want

By - 31 Jan 2024 08:32 PM

With a few hours to go for Union Finance Nirmala Sitharaman’s Budget 2024 speech, Prime Minister Narendra Modi and President Droupadi Murmu have already set the tone of the Budget session and made it clear that ‘Nari Shakti’ will be the primary focus.As part of the CNBC-TV18 Budget Ballot initiative we placed ballot boxes at select locations across cities, and thousands of pleas and suggestions came in. A clear indication from women is that they want to achieve financial independence, and therefore want more initiatives for their education and financial security to reach that milestone.
As of January 2022, females accounted for 48.04% of India’s total population of 1.42 billion, according to World Bank data. To understand what nearly half of the country’s population wants (and also the other half), CNBC-TV18 engaged with India's citizens for insight into their Budget wish list this year.Not that the government hasn’t already introduced many schemes, including PM Jan Dhan Yojana, Pradhan Mantri Matru Vandana Yojana, Beti Bachao Beti Padhao, Mahila Shakti Kendra and Mission Shakti among the many others, ensuring women empowerment is still a long road.
Pune’s Sushma Arvind, who participated in the CNBC-TV18 Budget Ballot, has suggested to Finance Minister Nirmala Sitharaman that there must be a provision introduced in the Budget that allows single mothers to avail income tax benefits similar to those under the Hindu Undivided Family (HUF) provision. She suggests coining the facility Women Run Family (WRF).
(An HUF is taxed separately from its members. Therefore, it can claim deductions or exemptions allowed under the tax laws separately.)She also wants an additional discount or special reduced income tax rates for women who have already worked and paid taxes for more than 15 years.Similarly, Bengaluru resident Asish has requested the FM to allow direct tax filing “jointly” by a married couple so that tax deductions of two individuals can be availed on a combined income.