Income Tax Slab for Women: Guide to Exemptions and Rebates

The income tax slab for women in India is the same as the slab for men under both the old tax regime and the new tax regime. In the Union Budget 2023, the Government of India introduced the new tax regime for Financial Year 2023-24. In addition to the income tax slab, women taxpayers are also eligible for a standard deduction of Rs. 50,000 and deductions on medical expenses and interest on home loans. Women taxpayers in India can avail of several tax exemptions under the Income Tax Act 1961. Therefore, understanding these slabs is crucial for female professionals, business owners, and taxpayers.

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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:

Annual Taxable Income Old Tax Regime for FY 2022-23  New Tax Regime for FY 2022-23 
Additional Surcharge Rate (in % p.a.) Additional Surcharge Rate (in % p.a.)
Above Rs. 50 lakhs – Rs. 1 crore 10% 10%
Above Rs. 1 crore – Rs. 2 crores 15% 15%
Above Rs. 2 crores – Rs. 5 crores 25% 25%
Above Rs. 5 crores 37% 25%

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:

Age Income Tax Rebate
Previous Tax Regime, FY 2022-23 Old Tax Regime, FY 2022-23 New Tax Regime, FY 2022-23
< 60 years --On an income of  up to Rs. 5 lakhs
--Tax Rebate of Rs. 12,500 or 100% of tax, whichever is less
--On an income of up to Rs. 5 lakhs
--Tax Rebate of Rs. 12,500 or 100% of tax, whichever is less
--On an income of up to Rs. 7 lakhs
--Tax Rebate of Rs. 25,000 or 100% of the tax, whichever is less
60 – 80 years --On an income of up to Rs. 2.5 lakhs --On an income of  up to Rs. 3 lakhs --On an income of  up to Rs. 3 lakhs
> 80 years --On an income of up to Rs. 2.5 lakhs --On an income of  up to Rs. 5 lakhs --On an income of  up to Rs. 3 lakhs

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)

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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:

Section of the Income Tax Act Deduction Towards Payment Made to Deduction Limit
Section 80C --Life insurance premium
--Provident Fund
--National Savings Certificate
--Housing Loan Principal
--Tuition fees
--Subscription to certain equity shares
Total deduction of Rs. 1,50,000 from taxable income
Section 80CCC Contributions toward Pension Schemes or Annuity Plans
Section 80CCD (1) Contribution towards Pension Scheme of Central Government
Section 80CCD(1B) Pension Scheme of Central Government, excluding deductions claimed under 80CCD (1) Rs. 50,000
Section 80D
  • Health insurance premium
  • Preventive health check-up
  • Rs. 25,000 for self/spouse/dependents and parents
  • Rs. 50,000 (for senior citizens)
  • Rs. 5,000 (for preventive health check-up)
Medical expenses of a senior citizen if no health insurance premium is paid Rs. 50,000 for self/spouse/dependents and parents
Section 80DD Medical treatment or maintenance of a disabled dependent or any amount paid under relevant approved schemes --Rs. 75,000
--Rs. 1,25,000 if the person has a severe disability, i.e., 80% or more disabled
Section 80DDB Medical treatment for specified diseases --Rs. 40,000 for self and dependents
--Rs. 1,00,000 for senior citizens
Section 80TTA Interest on savings bank accounts by senior citizens Rs. 10,000
Section 80TTB Interest on deposits by resident senior citizens Rs. 50,000
Section 80U Resident taxpayer with disability --Rs. 75,000
--Rs. 1,25,000 if the person has a severe disability, i.e., 80% or more disabled
Section 80E Interest paid for a loan for higher education The total interest amount paid (for self or dependents)
Section 80EE Interest paid for a loan for residential house property Rs. 50,000 on the interest amount
Section 80EEA Interest paid for a loan for residential house property sanctioned for the first time and not claimed under Section 80EE Rs. 1,50,000 on the interest amount
Section 80EEB Interest paid for a loan for an electric vehicle Rs. 1,50,000 on the interest amount
Section 80G Donations made to listed charitable institutions, funds, etc. --50% or 100% deduction
--No deduction is allowed if a cash donation of more than Rs 2000 is made
Section 80GG House rent is paid by self-employed or those who do not get HRA as part of their salary Whichever is less:
--Rs. 5,000 per month
--Rent amount minus 10% of total income
--25% of the total income
Section 80GGA Donations made for rural development or scientific research --Deduction on the donation amount
--No deduction is allowed if a cash donation of more than Rs 2000 is made
Section 80GGC Donations made to an electoral trust or a political party Deduction on the donation amount

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.

FAQ's

  • What is the exemption limit for housewives?

    Housewives in India have an income tax exemption limit of ₹3 lakhs for FY 2022-23 under the new tax regime and Rs. 2.5 lakhs for FY 2022-23 under the old tax regime.
  • What is the income tax slab for FY 2023-24?

    The income tax slab for FY 2023-24 as per the old and new tax regime:

    Old Tax Regime

    • Up to Rs. 2.5 lakhs: Nil

    • Rs. 2.5 lakhs – Rs. 5 lakhs: 5%

    • Rs. 5 lakhs – Rs. 7.5 lakhs: 10%

    • Rs. 7.5 lakhs – Rs. 10 lakhs: 15%

    • Rs. 10 lakhs – Rs. 12.5 lakhs: 20%

    • Rs. 12.5 lakhs – Rs. 15 lakhs: 25%

    • Above Rs. 15 lakhs: 30%

    Old Tax Regime

    • Up to Rs. 3 lakhs: Nil

    • Rs. 3 lakhs – Rs. 6 lakhs: 5%

    • Rs. 6 lakhs – Rs. 9 lakhs: 10%

    • Rs. 9 lakhs – Rs. 12 lakhs: 15%

    • Rs. 12 lakhs – Rs. 15 lakhs: 20%

    • Above Rs. 15 lakhs: 30%

  • Who comes under the 30% tax slab?

    Individuals who have an annual income of more than ₹15 lakhs in the old tax regime and new tax regime will be taxed at 30%. This includes individuals who are salaried, self-employed or have other sources of income.
  • How much amount is tax-free?

    The amount of income that is tax-free in India depends on the tax regime you choose. Under the old tax regime, the exemption limit for individuals is Rs. 2.5 lakhs.

    Under the new tax regime, the exemption limit for individuals is Rs. 3 lakhs.

  • Is income tax slabs different for male and female?

    No, the income tax slabs are not different for males and females in India. Both men and women are taxed at the same rates, regardless of gender.

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