Income Tax Slab for Women: Guide to Exemptions and Rebates

Introduction to Income Tax Slab for Women

An income tax slab for women is the range of income within which a pre-determined rate of taxation is applicable.

In India, the income tax slab for women is at par with that of men. There is no separate tax slab for women.

All taxpayers in India have been divided into three categories based on their age for the purpose of taxation:

• Regular Taxpayers: People below 60 years of age

• Senior Citizens: Taxpayers between 60 to 80 years of age

• Super Senior Citizens: Taxpayers above 80 years of age

Details for Women of Different Income Tax Slab for AY 2023-24 (FY 2022-23)

1. Income Tax Slab for Women (for All Age Groups) as per New Tax Regime FY 2022-23 (AY 2023-24) 

   Check out the income tax slabs for women in Assessment Year 2023-2024 (AY 2022-23) as per the new tax regime in Financial Year 2022-23 (FY 2022-23):

   Income Tax Slab	Income Tax Rate in India (in % p.a.)
   0 – Rs. 3,00,000	NIL
   Rs. 3,00,001 – Rs. 6,00,000	5% of your income falling in this slab
   Rs. 6,00,001 – Rs. 9,00,000	Rs. 15,000 + 10% of the income falling in this slab
   Rs. 9,00,001 – Rs. 12,00,000	Rs. 45,000 + 15% of the income falling in this slab
   Rs. 12,00,001 – Rs. 15,00,000	Rs. 90,000 + 20% of the income falling in this slab
   Rs. 15,00,001 & above	Rs. 1.5 lakhs + 30% of the income falling in this slab
   Note: An additional Health & Education cess of 4% is payable on the income tax amount under both old vs new tax regimes.

   *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.

2. Income Tax Slab for Women (Below Age of 60 Years) as per Old Tax Regime FY 2022-23 (AY 2023-24)

   The income tax slab rate for FY 2022-23, as per the old tax regime for women below the age of 60 years, is shown in the table below:

   Income Tax Slabs	Income Tax Rate in India (AY 2023-24)
   	Previous Tax Regime FY 2022-23	Old Tax Regime FY 2022-23
   0 – Rs. 2,50,000	Nil	Nil
   Rs 2,50,001 – Rs. 5,00,000	5% above Rs. 2,50,000	5% above Rs. 2,50,000
   Rs 5,00,001 – 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 – Rs. 10,00,000		Rs 37,500 + 15% above Rs. 7,50,000
   Rs 10,00,001 – 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 – Rs. 15,00,000		Rs 1,25,000 + 25% above Rs. 12,50,000
   Rs. 15,00,001 & above		Rs 1,87,500 + 30% above Rs. 15,00,000
   Note: An additional Health & Education cess of 4% is payable on the income tax amount under the old tax regime.

3. Income Tax Slab for Women (Age of 60 - 80 Years) as per Old Tax Regime FY 2022-23 (AY 2023-24)

   The income tax slab rates as per the old tax regime for women falling in the range of 60 to 80 years of age are as follows:

   Income Tax Slabs	Rate of Income Tax
   	Previous Tax Regime FY 2022-23	Old Tax Regime FY 2022-23
   0 – Rs. 2,50,000	Nil	Nil
   Rs 2,50,001 – Rs. 5,00,000		5% above Rs 2,50,000
   Rs 5,00,001 – Rs. 7,50,000	5% above Rs 3,00,000
   Rs 7,50,001 – Rs. 10,00,000	Rs 10,000 + 20% above Rs 5,00,000	Rs 12,500 + 10% above Rs 5,00,000
   Rs 10,00,001 – Rs. 12,50,000		Rs 37,500 + 15% above Rs 7,50,000
   Rs 12,50,001 – Rs. 15,00,000	Rs 1,10,000 + 30% above Rs 10,00,000	Rs 75,000 + 20% above Rs 10,00,000
   Rs. 15,00,001 & above		Rs 1,25,000 + 25% above Rs 12,50,000
   0 – Rs. 2,50,000		Rs 1,87,500 + 30% above Rs 15,00,000
   Note: An additional Health & Education cess of 4% is payable on the income tax amount under the old tax regime.

4. Income Tax Slab for Women (Age 80 Years & Above) as per Old Tax Regime FY 2022-23 (AY 2023-24)

   Let us learn the income tax slab as per the old tax regime for women above the age of 80 years from the table mentioned below:

   Income Tax Slabs	Rate of Income Tax
   	Previous Tax Regime FY 2022-23	Old Tax Regime FY 2022-23
   0 – Rs. 2,50,000	Nil	Nil
   Rs 2,50,001 – Rs. 5,00,000		5% above Rs 2,50,000
   Rs 5,00,001 – Rs. 7,50,000	20% above Rs 5,00,000	Rs 12,500 + 10% above Rs 5,00,000
   Rs 7,50,001 – Rs. 10,00,000		Rs 37,500 + 15% above Rs 7,50,000
   Rs 10,00,001 – 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 – Rs. 15,00,000		Rs 1,25,000 + 25% above Rs 12,50,000
   Rs. 15,00,001 & above		Rs 1,87,500 + 30% above Rs 15,00,000
   Note: An additional Health & Education cess of 4% is payable on the income tax amount under the old tax regime.

Additional Surcharge Rate for Women on Old vs. New Tax Regime

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 2023-24. 

Take a look at the additional surcharge rates applicable under the old vs. new income tax regime for FY 2022-23 (AY 2023-24) as per the annual taxable income:

Income Tax Rebate for Women

Under Section 87A, individual taxpayers, including women, are eligible to avail of full tax rebates on a certain limit of income for both old and new tax regimes.

Resident women taxpayers are eligible for a rebate of Rs. 25,000 or 100% of tax on total income of up to Rs. 7 lakhs under the new tax regime.

Let us learn the income tax rebate for women for both tax regimes from the table mentioned below:

Calculation of Taxable Income of Women

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 (FDs)

Income Tax Exemptions for Women Taxpayers in India Under Old Tax Regime

Take a look at the income tax exemptions and deductions under the old tax regime that women taxpayers in India can avail of:

Income Tax Exemptions for Women Taxpayers in India Under New Tax Regime

• Transport allowance for Persons with Disabilities (PwD)

• Conveyance allowance

• Traveling compensation

• Perquisites for official purposes

• Exemptions for Voluntary Retirement Scheme (VRS) under Section 10(10C)

• On gratuity amount under Section 10(10)

• Leave encashment under Section 10(10AA)

• Interest on a home loan on rental property under Section 24

• Gifts of up to Rs. 5,000

• Employer's contributions to the NPS Account under Section 80CCD(2)

• Additional employee costs under Section 80JJA

• Standard deductions on family pension under Section 57(IIA)

• Deductions on deposits in Agniveer Corpus Fund under Section 80CCH(2)

Summing It Up

The income tax slab for women in India is designed to provide tax relief and promote financial independence. The government's efforts to support women in their financial journeys are evident through initiatives such as lower tax rates for certain income brackets, deductions for specific expenses, and various schemes aimed at empowering women economically. By aligning tax policies with gender equality, India aims to foster inclusivity and empower women in their pursuit of financial stability.