To answer this question, the user needs to have knowledge about the history of the Indian National Congress and its significant leaders.

Option A: Indira Gandhi was the first and only female Prime Minister of India. She was not the first female President of the Indian National Congress.

Option B: Sarojini Mahishi was not the first female President of the Indian National Congress. She was an Indian politician and social worker who served as the Minister of Social Welfare in Karnataka, India.

Option C: Annie Besant was the first female President of the Indian National Congress. She was a British socialist, theosophist, women's rights activist, writer, orator, and supporter of Irish and Indian self-rule.

Option D: Vijayalakshmi Pandit was not the first female President of the Indian National Congress. She was an Indian diplomat and politician who served as the first female President of the United Nations General Assembly.

Therefore, the correct answer is:

The Answer is: C. Annie Besant