Income Tax Slab for Women in India

  • May 23, 2024
  • Dushyant Sharma
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Whether it’s their home front or workplace, women are successful in all spheres of life. As a massive number of women are making the transition towards financial independence, it is heartening to observe their achievements. 

 

Since the women are financially independent, they also need to pay taxes. Working women must be aware of the tax benefits they are entitled to under the Income Tax Slab for Women (FY 2024-2025) laid out for them.

In this article, we will discuss the Income Tax Slab for Women in India for FY 2024-2025.

Is the Latest Income Tax Slab for Women Different from Men? 

The latest income tax slab remains the same for women and men in India. Women used to enjoy a higher tax exemption than men before the FY 2012-2013. But from FY 2012-2013 onwards, the income tax slab for both working women and men has remained the same in the country.

 

The income tax slab in India depends on important factors like the taxpayer’s income and age. For income tax purposes, the taxpayers in India are classified into 3 categories: 

  • Individuals whose age is less than 60 years
  • Individuals who are between 60 to 80 years of age i.e., Senior citizens
  • Individuals who are more than 80 years of age i.e., Super Senior citizens

Income Tax Slab for Women in India

An income tax slab for women is the applicable tax rate for a female taxpayer based on her income and age. The tax slab rates are revised periodically, generally during every Union Budget. As per the latest Union Budget, the income tax slab rate for women in India is represented in the tables mentioned below.

Income Tax Slab for Women Below 60 Years (New Tax Regime)

With the Union Budget 2023 came a new tax regime which is now the default tax regime. The tax rates under the new regime are the same for HUF, women/men aged less than 60 years, senior citizens (men/women between 60-80 years of age), and super senior citizens (men/women above 80 years of age).

 

The table below represents the tax regime for single and married earning women who are below 60 years of age for FY 2024-25:

Income Tax Slab

Income Tax Rate

₹0 to ₹3,00,000

Not Applicable

₹3,00,001 to ₹6,00,000

5% of income exceeding the ₹300,000 amount.

₹6,00,001 to ₹9,00,000

10% of income that exceeds ₹6,00,000 + ₹15,000

₹9,00,001 to ₹12,00,000

15% of income that exceeds ₹9,00,000 + ₹45,000

₹12,00,001 to ₹15,00,000

20% of income that exceeds ₹12,00,000 + ₹90,000

Above ₹15,00,000

30% of income that exceeds ₹15,00,000 + ₹1,50,000

 

Income Tax Slab for Women Below 60 Years of Age (Old Tax Regime)

The table below represents the income tax slab for women below 60 according to the old tax regime.
 

Income Tax Slab

Income Tax Rate

₹0 to ₹2,50,000

Not Applicable

₹2,50,000 to ₹5,00,000

5% of income exceeding the ₹2,50,000 amount

₹5,00,000 to ₹7,00,000

10% of income that exceeds ₹5,00,000 + ₹12,500

₹7,50,000 to ₹10,00,000

15% of income that exceeds ₹7,50,000 + ₹37,500

₹10,00,000 to ₹12,50,000

20% of income that exceeds ₹10,00,000 + ₹75,000

₹12,50,000 to ₹15,00,000

25% of income that exceeds ₹12,50,000 + ₹1,25,000

Above ₹15,00,000

30% of income that exceeds ₹15,00,000 + ₹1,87,500

Income Tax Slab for Senior Citizen Women (New Tax Regime)

The table mentioned below represents income tax slab rate for women who are over 60 but less than 80 years of age i.e., female senior citizens, as per the new tax regime:

 

Income Tax Slab

Income Tax Rate

₹0 to ₹3,00,000

Not Applicable

₹3,00,001 to ₹6,00,000

5% of income exceeding the ₹300,000 amount.

₹6,00,001 to ₹9,00,000

10% of income that exceeds ₹6,00,000 + ₹15000

₹9,00,001 to ₹12,00,000

15% of income that exceeds ₹9,00,000 + ₹45000

₹12,00,001 to ₹15,00,000

20% of income that exceeds ₹12,00,000 + ₹90,000

Above ₹15,00,000

30% of income that exceeds ₹15,00,000 + ₹1,50,000

Income Tax Slab for Senior Citizen Women (Old Tax Regime)

The income tax slab rate, under the old tax regime, for women over 60 years of age and below 80 years of age is mentioned below: 

Income Tax Slab

Income Tax Rate

0 to ₹3,00,000

Not Applicable

₹3,00,001 to ₹5,00,000

5% of income exceeding the ₹3,00,000 amount.

₹5,00,001 to ₹10,00,000

20% of income that exceeds ₹5,00,000 +

₹10,000

Above ₹10,00,000

30% of total income exceeds ₹10,00,000 + ₹1,10,000

Income Tax Slab for Super Senior Citizen Women (New Tax Regime)

The table below showcases the income tax slab, as per the new tax regime, for women who are over 80 years of age and are classified as super senior citizens:
 

Income Tax Slab

Income Tax Rate

₹0 to ₹3,00,000

Not Applicable

₹3,00,001 to ₹6,00,000

5% of income exceeding the ₹3,00,000 amount.

₹6,00,001 to ₹9,00,000

10% of income that exceeds ₹6,00,000 + ₹15,000

₹9,00,001 to ₹12,00,000

15% of income that exceeds ₹9,00,000 + ₹45,000

₹12,00,001 to ₹15,00,000

20% of income that exceeds ₹12,00,000 + ₹90,000

Above ₹15,00,000

30% of income that exceeds ₹15,00,000 + ₹1,50,000

 

Income Tax Slab for Super Senior Citizen Women (Old Tax Regime)

The table below lists the income tax slab rate, as per the old tax regime, for super citizen women i.e., women over 80 years of age:

Income Tax Slab

Income Tax Rate

₹0 to ₹5,00,000

Not Applicable

₹5,00,001 to ₹10,00,000

20% of income that exceeds ₹5,00,000

Above ₹10,00,001

30% of income that exceeds ₹10,00,00

Additional Surcharge Rate (Under New/Old Tax Regime) for Women

In a financial year, if a woman earns more than Rs. 50 lakhs, she is liable to pay the additional surcharge tax on top of her regular income slab. The table below shows the additional surcharge rates for women as per the new and old tax regimes:
 

Taxable Income

New Tax Regime

Old Tax Regime

₹50 Lakh to ₹1 Crore

10%

10%

₹1 Crore to ₹2 Crore

15%

15%

₹2 Crore to ₹5 Crore

25%

25%

Over ₹5 Crore

25%

37%

 

Income Tax Rebate for Women under Section 87A

Section 87A of the Income Tax Act, 1961, allows female taxpayers to enjoy a full or complete tax rebate in a decided income limit under both the new tax regime and the old tax regime. The table below showcases the income tax rebates for women belonging to different age groups:

Age Group

Tax Rebate As Per Old Regime

Tax Rebate As Per New Regime

0 to 60 Years

For an income that is ₹5 lakhs or below, tax rebate up to ₹12,500 on calculated or decided tax.

For an income of ₹7 lakh, tax rebate up to ₹25,000 on calculated or decided tax.

60 to 80 Years

Income up to ₹3 lakh

Income up to ₹3 lakh

Over 80 Years

Income up to ₹3 lakh

Income up to ₹5 lakh

 

Tax Benefits And Exemption For Women

Female taxpayers in India can claim tax rebates and benefits as per the provisions of the Income Tax Act, 1961. 

Tax Benefits

Some of the income tax benefits which can be claimed by the women are mentioned in the table below:
 

Section of Income Tax Act

Expense/Investment

Deduction Limit

Section 80C

  • Sukanya Samriddhi Scheme (SSS)
  • Public Provident Fund (PPF)
  • National Savings Certificate (NSC)
  • Senior Citizen Saving Scheme (SCSS)
  • Repayment of home loan
  • Tuition fees
  • Premium paid for Life Insurance

Tax deduction of ₹1,50,000 from taxable income is allowed

Section 80CCC

Contribution made towards Pension Schemes and Annuity Plans

Section 80CCD (1)

Contribution made towards central government-offered Pension Scheme

Section 80CCD(1B)

Pension scheme offered by central government (excluding the deduction of 80CCD (1))

₹50,000

Section 80D

  • Health insurance premium
  • Preventive health check-up
  • ₹25,000 for (i) self, or (ii) spouse (iii) parents and (iv) dependents
  • ₹50,000 in case of senior citizens
  • ₹5,000 for the preventive health check-ups

Section 80DD

Medical treatment for a dependent who is differently-abled

  • ₹75,000
  • ₹1,25,000 in case of severe disability

 

Section 80DDB

Medical treatment for specified illnesses

  • ₹40,000 for self and dependents
  • ₹1,00,000 for senior citizens

Section 80TTA

Interest which is received by the senior citizens in a Savings bank account.

₹10,000

Section 80 TTB

Interest on the deposits which are made by a resident senior citizen

₹50,000

Section 80U

Taxpayer having disability

  • ₹75,000
  • ₹1,25,000 if the person is suffering from a major or severe disability.

Section 80E

Interest payment of loan taken for higher education.

Total interest amount

Section 80EE

Interest payment for a residential home property loan

₹50,000 on the interest amount

Section 80 EEA

Interest payment for a residential property loan which has been sanctioned for the first time and hasn’t been claimed under 80EE

₹1,50,000 on the interest amount

Section 80 EEB

Interest payment on loan for electrical vehicle

₹1,50,000 on the interest amount

Section 80G

Expenses or donations that are made towards the listed funds, charities and so on.

  • 50% or 100% deduction
  • No deduction is allowed for a cash donation of more than ₹2000

Section 80GG

Individuals who are either self employed or  do not get any House Rent Allowance (HRA) as part of their salary.

 

  • ₹5,000 per month
  • Rent amount minus total income’s 10%
  • 25% of the total income

 

Section 80GGA

Contributions or donations which are made towards scientific research or rural development in India.

  • Deduction on the donation amount
  • If a donation which is more than ₹2000 is made in cash, no deduction is available.

Section 80GGC

Any contributions or donations which are made towards political parties or electoral trusts.

Deduction on the amount donated.

Income Tax Exemptions for Women

There are various tax exemptions for women under the new tax regime, including:

  • Extra Employee Cost as per Section 80JJA of the Income Tax Act
  • Tax Exemption on gifts worth up to ₹5000
  • Leave encashment as per Section 10(10AA) of the Income Tax Act
  • In case of a disabled person, transport allowance
  • Compensation for traveling
  • Conveyance allowance

How is Taxable Income for Women Calculated in India?

In India, the taxable income for both women and men is calculated taking into account the following income sources:

  • Income generated from salary
  • Income generated from business and profession
  • Income generated from house property
  • Income generated from capital gains such as shares
  • Income generated from other sources such as fixed deposit interest, interest on a savings account and so forth

Conclusion

The income tax slabs remain the same for both women and men in India, promoting gender equality. Every individual in India must pay income tax to the Indian government, if they have an annual income above a set limit. ITR must be filed in a timely manner by all the taxpayers to avoid legal repercussions. If you need assistance in filing your ITR, connect with Registrationwala.


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Dushyant Sharma
Author: Dushyant Sharma

Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.

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