In India, every person who earns beyond a certain limit is liable to pay income tax to the government. The tax amount is paid according to the tax slabs announced by the government. However, women taxpayers are often under the impression that they enjoy a higher tax exemption limit than men. Let’s clear this confusion by knowing the income tax slabs for women, rebates and exemption limits.
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At present, the income tax slabs are the same for men and women taxpayers in India. Before 2012-13, women taxpayers use to enjoy a higher tax exemption limit but the same has been done away with. Now, both men and women enjoy the same tax exemption limits and rebates.
On the contrary, the income tax slabs for all taxpayers depend on their income and their age. While the rate of increase in income tax payable by a person is directly proportional to his/her income, it is inversely proportional to his/her age. This means the higher is the income of a taxpayer, the more is the amount of tax he/she will have to pay. Similarly, the higher is the age of the taxpayer, the lower will be the income tax payable.
All taxpayers in India have been divided into three categories based on their age:
Check out the income tax slabs for women of different ages for the assessment year 2022-23 as per the old tax regime and new tax regime:
Income Tax Slabs |
Rate of Income Tax |
|
Old Tax Regime | New Tax Regime | |
Up to Rs 2,50,000 | Nil | Nil |
Rs 2,50,001 to Rs 5,00,000 | 5% above Rs 2,50,000 | 5% above Rs 2,50,000 |
Rs 5,00,001 to Rs 7,50,000 |
Rs 12,500 + 20% above Rs 5,00,000 |
Rs 12,500 + 10% above Rs 5,00,000 |
Rs 7,50,001 to Rs 10,00,000 | Rs 37,500 + 15% above Rs 7,50,000 | |
Rs 10,00,001 to Rs 12,50,000 |
Rs 1,12,500 + 30% above Rs 10,00,000 |
Rs 75,000 + 20% above Rs 10,00,000 |
Rs 12,50,001 to Rs 15,00,000 | Rs 1,25,000 + 25% above Rs 12,50,000 | |
Above Rs 15,00,000 | Rs 1,87,500 + 30% above Rs 15,00,000 |
Income Tax Slabs |
Rate of Income Tax |
|
Old Tax Regime | New Tax Regime | |
Up to Rs 2,50,000 |
Nil |
Nil |
Rs 2,50,001 to Rs 3,00,000 |
5% above Rs 2,50,000 |
|
Rs 3,00,001 to Rs 5,00,000 | 5% above Rs 3,00,000 | |
Rs 5,00,001 to Rs 7,50,000 |
Rs 10,000 + 20% above Rs 5,00,000 |
Rs 12,500 + 10% above Rs 5,00,000 |
Rs 7,50,001 to Rs 10,00,000 | Rs 37,500 + 15% above Rs 7,50,000 | |
Rs 10,00,001 to Rs 12,50,000 |
Rs 1,10,000 + 30% above Rs 10,00,000 |
Rs 75,000 + 20% above Rs 10,00,000 |
Rs 12,50,001 to Rs 15,00,000 | Rs 1,25,000 + 25% above Rs 12,50,000 | |
Above Rs 15,00,000 | Rs 1,87,500 + 30% above Rs 15,00,000 |
Income Tax Slabs |
Rate of Income Tax |
|
Old Tax Regime | New Tax Regime | |
Up to Rs 2,50,000 |
Nil |
Nil |
Rs 2,50,001 to Rs 5,00,000 | 5% above Rs 2,50,000 | |
Rs 5,00,001 to Rs 7,50,000 |
20% above Rs 5,00,000 |
Rs 12,500 + 10% above Rs 5,00,000 |
Rs 7,50,001 to Rs 10,00,000 | Rs 37,500 + 15% above Rs 7,50,000 | |
Rs 10,00,001 to Rs 12,50,000 |
Rs 1,00,000 + 30% above Rs 10,00,000 |
Rs 75,000 + 20% above Rs 10,00,000 |
Rs 12,50,001 to Rs 15,00,000 | Rs 1,25,000 + 25% above Rs 12,50,000 | |
Above Rs 15,00,000 | Rs 1,87,500 + 30% above Rs 15,00,000 |
Note: Unlike the old tax regime, women taxpayers who opt for the concessional tax rates under the new tax regime will not be eligible for exemptions and deductions like Section 80C, 80D, HRA and 80TTB.
Moreover, an additional Health & Education cess of 4% is payable on the income tax amount under both tax regimes.
Women taxpayers with an annual taxable income of more than Rs 50 lakh will have to pay an additional surcharge on top of their income tax slab for AY 2022-23. Take a look at the additional surcharge rates applicable as per the annual taxable income:
Annual Taxable Income | Additional Surcharge Rate |
Above Rs 50 lakh to Rs 1 crore | 10% |
Above Rs 1 crore to Rs 2 crore | 15% |
Above Rs 2 crore to Rs 5 crore | 25% |
Above Rs 5 crore | 37% |
Note: A maximum of 15% tax surcharge is applicable on income by dividend or under sections 111A, 112A and 115AD.
Resident women taxpayers with a total income of up to Rs 5 lakh are eligible for a rebate of up to 100% of income tax or Rs 12,500, whichever is less, under both tax regimes.
A taxable income of a person is calculated based on the following types of income:
Take a look at the income tax exemptions that women taxpayers in India can avail:
Income Tax Sections | Deduction Towards Payment Made to | Deduction Limit |
80C |
|
Combined limit of Rs 1,50,000 |
80CCC |
|
|
80CCD (1) | Pension Scheme of Central Government | |
80CCD(1B) | Pension Scheme of Central Government, excluding deductions claimed under 80CCD (1) | Rs 50,000 |
80D |
|
|
|
Rs 50,000 for self/spouse/dependents and parents | |
80DD | Medical treatment or maintenance of a disabled dependent or any amount paid under relevant approved schemes |
|
80DDB | Medical treatment for specified diseases |
|
80TTA | Interest on savings bank accounts by senior citizens | Rs 10,000 |
80TTB | Interest on deposits by resident senior citizens | Rs 50,000 |
80U | Resident taxpayer with disability |
|
80E | Interest paid for a loan for higher education | Total interest amount paid (for self or dependents) |
80EE | Interest paid for a loan for residential house property sanctioned between 1st April 2016 to 31st March 2017 | Rs 50,000 on the interest amount |
80EEA | Interest paid for a loan for residential house property for the first time sanctioned between 1st April 2019 to 31st March 2022 and not claimed under 80EE | Rs 1,50,000 on the interest amount |
80EEB | Interest paid for a loan for an electric vehicle sanctioned between 1st April 2019 to 31st March 2023 | Rs 1,50,000 on the interest amount |
80G | Donations made to listed charitable institutions, funds, etc. |
|
80GG | House rent paid by self-employed or those who do not get HRA as part of salary | Whichever is less:
|
80GGA | Donations made for rural development or scientific research |
|
80GGC | Donations made to an electoral trust or a political party | Deduction on the donation amount |
Paying income tax for eligible women taxpayers is mandatory under the laws of the country. Not paying income tax can result in confiscation of funds as well as jail imprisonment. Thus, women who have a taxable income must pay income tax every year as per their tax slab.