Income Tax Slab for Women in India

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Income Tax Slab for Women in India

Whether it’s their home front or workplace, women are successful in all spheres of life. As a massive number of women are making the transition towards financial independence, it is heartening to observe their achievements. 

Since the women are financially independent, they also need to pay taxes. Working women must be aware of the tax benefits they are entitled to under the Income Tax Slab for Women (FY 2024-2025) laid out for them.

In this article, we will discuss the Income Tax Slab for Women in India for FY 2024-2025.

Is the Latest Income Tax Slab for Women Different from Men? 

The latest income tax slab remains the same for women and men in India. Women used to enjoy a higher tax exemption than men before the FY 2012-2013. But from FY 2012-2013 onwards, the income tax slab for both working women and men has remained the same in the country.

The income tax slab in India depends on important factors like the taxpayer’s income and age. For income tax purposes, the taxpayers in India are classified into 3 categories: 

• Individuals whose age is less than 60 years
• Individuals who are between 60 to 80 years of age i.e., Senior citizens
• Individuals who are more than 80 years of age i.e., Super Senior citizens

Income Tax Slab for Women in India

An income tax slab for women is the applicable tax rate for a female taxpayer based on her income and age. The tax slab rates are revised periodically, generally during every Union Budget. As per the latest Union Budget, the income tax slab rate for women in India is represented in the tables mentioned below.

Income Tax Slab for Women Below 60 Years (New Tax Regime)

With the Union Budget 2023 came a new tax regime which is now the default tax regime. The tax rates under the new regime are the same for HUF, women/men aged less than 60 years, senior citizens (men/women between 60-80 years of age), and super senior citizens (men/women above 80 years of age).

The table below represents the tax regime for single and married earning women who are below 60 years of age for FY 2024-25:

Income Tax Slab for Women Below 60 Years of Age (Old Tax Regime)

The table below represents the income tax slab for women below 60 according to the old tax regime.
 

Income Tax Slab for Senior Citizen Women (New Tax Regime)

The table mentioned below represents income tax slab rate for women who are over 60 but less than 80 years of age i.e., female senior citizens, as per the new tax regime:

Income Tax Slab for Senior Citizen Women (Old Tax Regime)

The income tax slab rate, under the old tax regime, for women over 60 years of age and below 80 years of age is mentioned below: 

Income Tax Slab for Super Senior Citizen Women (New Tax Regime)

The table below showcases the income tax slab, as per the new tax regime, for women who are over 80 years of age and are classified as super senior citizens:
 

Income Tax Slab for Super Senior Citizen Women (Old Tax Regime)

The table below lists the income tax slab rate, as per the old tax regime, for super citizen women i.e., women over 80 years of age:

Additional Surcharge Rate (Under New/Old Tax Regime) for Women

In a financial year, if a woman earns more than Rs. 50 lakhs, she is liable to pay the additional surcharge tax on top of her regular income slab. The table below shows the additional surcharge rates for women as per the new and old tax regimes:
 

Income Tax Rebate for Women under Section 87A

Section 87A of the Income Tax Act, 1961, allows female taxpayers to enjoy a full or complete tax rebate in a decided income limit under both the new tax regime and the old tax regime. The table below showcases the income tax rebates for women belonging to different age groups:

Tax Benefits And Exemption For Women

Female taxpayers in India can claim tax rebates and benefits as per the provisions of the Income Tax Act, 1961. 

Tax Benefits

Some of the income tax benefits which can be claimed by the women are mentioned in the table below:
 

Income Tax Exemptions for Women

There are various tax exemptions for women under the new tax regime, including:

• Extra Employee Cost as per Section 80JJA of the Income Tax Act
• Tax Exemption on gifts worth up to ₹5000
• Leave encashment as per Section 10(10AA) of the Income Tax Act
• In case of a disabled person, transport allowance
• Compensation for traveling
• Conveyance allowance

How is Taxable Income for Women Calculated in India?

In India, the taxable income for both women and men is calculated taking into account the following income sources:

• Income generated from salary
• Income generated from business and profession
• Income generated from house property
• Income generated from capital gains such as shares
• Income generated from other sources such as fixed deposit interest, interest on a savings account and so forth

Conclusion

The income tax slabs remain the same for both women and men in India, promoting gender equality. Every individual in India must pay income tax to the Indian government, if they have an annual income above a set limit. ITR must be filed in a timely manner by all the taxpayers to avoid legal repercussions. If you need assistance in filing your ITR, connect with Registrationwala.

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