Income Tax Slab for Women: Guide to Exemptions and Rebates

Is Income Tax Slabs Different for Male and Female?

No.

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:

• People below 60 years of age
• Senior citizens or people between 60 to 80 years of age
• Super senior citizens or people above 80 years of age

Income Tax Slab for Women (AY 2022-23)

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 for Women Below 60 Years (AY 2022-23):

Income Tax Slabs for Women Between 60-80 Years (AY 2022-23):

Income Tax Slabs for Women Above 80 Years (AY 2022-23):

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.

Additional Surcharge for Women

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:

Note: A maximum of 15% tax surcharge is applicable on income by dividend or under sections 111A, 112A and 115AD.

Income Tax Rebate for Women

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.

How is the Taxable Income of a Person Calculated?

A taxable income of a person is calculated based on the following types of income:

• Salaried income
• Income from business and profession
• Income from house property
• Income from capital gains
• Income from other sources, including interest earned on fixed deposits.

Income Tax Exemptions for Women Taxpayers in India

Take a look at the income tax exemptions that women taxpayers in India can avail:

Summing It Up

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.