Income Tax

Income Tax Slabs for Women

Dec 01, 2021
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Women are a major part of the professional workforce and have created a niche for themselves in every field. The government has introduced different tax slabs for women along with rebates and exemptions to encourage women to work and push them towards achieving their potential in the economic sphere. 

Income tax slab rates applicable for women

The income tax department of India has fixed five heads of income under which your taxable income is calculated, which are - income from salary, income from house/ property, income from business and profession, income from capital gains, and any income from other sources which can include interest accumulated from fixed deposits, savings accounts, etc.

Individual taxpayers fall under three categories namely, taxpayers (Resident and Non-resident) who are below 60 years of age, Senior citizens who are above 60 years of age and below 80 years, and super senior citizens, those above the age of 80 years and the same differentiation is applicable for women taxpayers too. 

It is also important to note that the basic tax exemption for women was higher than that of men prior to 2012. But this distinction has been completely done away with and the exemption is based on one’s income and age only.

The different Income Tax Slabs for Women 

  1. Income Tax Slab for Women below 60 Years of Age

Income Range

Tax Rates

Up to INR 2.5 Lakh

Nil

INR 2,50,001 to INR 5,00,000

5% of total income which exceeds INR 2,50,001

INR 5,00,001 to INR 10,00,000

INR 12,500 + 20% of total income which exceeds INR 5,00,000

INR 10,00,001 and above

INR 1,12,500 + 30% of total income which exceeds INR 10,00,000

         2. Income Tax Slab for Women Between 60 and 80 Years of Age

Income Range

Tax Rates

Up to INR 3 Lakh

Nil

INR 3,00,001 to INR 5,00,000

5% of total income which exceeds INR 3,00,001

INR 5,00,001 to INR 10,00,000

INR 10,000 + 20% of total income which exceeds INR 5,00,000

INR 10,00,001 and above

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

      3. Income Tax Slab for Women Above 80 Years of Age

Income Range

Tax Rates

Up to INR 5 Lakh

Nil

INR 5,00,001 to INR 10,00,000

20% of total income which exceeds INR 5,00,000

INR 10,00,001 and above

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

Note: In addition to the above-given tax amount, a cess of 4% is also applicable.

A surcharge will also be charged in the following manner – 

Income Range

Tax Rates

Income above INR 50 Lakh and below INR 1 Crore

10%

Income above INR 1 Crore and below  INR  2 Crore

15%

Income above INR 2 Crore and below  INR 5 Crore

25%

Income above INR 5 Crore

37%

There is an income tax exemption for women under Section 80 of the Act that allows for tax deductions. For example, income tax exemption for women can be charged for health insurance policy under Section 80D of the Act. Some other exemptions that can be availed are – 

  1. Five year tax-saver fixed deposits
  2. National Savings Certificate
  3. National Pension Scheme
  4. Equity Linked Savings Scheme
  5. Employees Provident Fund
  6. Senior Citizens Savings Schemes
  7. Sukanya Samriddhi Yojana

Conclusion 

As women endowed with a strong sense of responsibility in all other spheres, it only becomes natural that the same is extended to this sphere. It is wise to file income tax returns promptly and accurately as multiple benefits will arise out of it – your capital losses and gains will get an adjustment, you can easily claim tax refunds, it will be easier to get loan approvals and you can also claim tax deductions without any hassle. 

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