Women better tax planners than men, reveals study

The study was conducted across 500 corporates and banks in Delhi NCR, Mumbai, Chennai, Bangalore and Hyderabad. 

Women tax payees are better "tax planners" than men across the country, a study conducted by online-income tax filing-portal TaxSpanner has said.

The study, conducted across 500 corporates and banks in Delhi NCR, Mumbai, Chennai, Bangalore and Hyderabad, revealed that women in Chennai were the best tax planners with the average tax ratio (percentage of gross salary paid as tax)-at two%, closely followed by women in NCR at 3% and Bangalore at 4% respectively. "Females in Chennai are the best tax planners in the country. Even at an average income of Rs four lakh, their average tax ratio is only two% much lesser than males, in other cities," the study said.

"Overall, females are better tax planners than males across the country," it said.

Men tax payers living in Delhi NCR have the best tax ratio of five% at an average income of Rs 6 lakh per annum, while those in Bangalore have the worst tax ratio of 8%, the study said.

While women tax payers have a lower income tax slab and get exemption, they are also found to be better tax planners in claiming House Rent Allowance exemption and taking deduction under health expenses, it said.

Among the metros, Chennai and Delhi NCR had the lowest average tax ratio of five%, followed by Mumbai and Hyderabad six% and Bangalore at seven%.

"The Gender based Tax Ratio Composition indicates that females (average income of Rs five lakh) are paying lower portion of their salary as tax than males (average income of Rs six lakh) due to lower tax slabs and better investments," TaxSpanner CEO Ankur Sharma said.

TaxSpanner currently has over 2.5 lakh customers and targets to double it during this financial year. The company recently launched 1,500 tax spanning stations across the country, the statement added. (PTI)