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A Look at Income Tax Slabs for Women
Table of Content
In India, income tax is progressive in nature. So the more you earn, the more income tax you have to pay. It may sound like a complicated concept, but it is easy to understand. Apart from a person’s income, their income tax liability also depends on their age. For the purpose of taxation, everybody is broadly divided into three age groups – Under 60, between 60 and 80 (senior citizens), over the age of 80 (super senior citizens). So, the Income Tax Department created a number of tax slabs to quickly understand how much income tax a person needs to pay. Based on the income tax slab you fall under, you can quickly understand your taxable income calculation. Earlier, there were separate income tax slabs for women and men. However, since 2013, common tax slabs are prescribed for both men and women. Let’s take a look at the income slabs and tax exemptions for women.
A Detailed Look at Income Tax Slabs for Women
An income tax slab talks about the tax rate applicable to a person depending on their age and income. While the conditions remain the same throughout, the tax rate may change with each Union Budget. Whenever no changes are mentioned in the budget, the tax rate remains the same as the previous year. The existing tax slabs for women who claim deductions under their salary are as follows:
Income Tax Slab for Women Under the Age of 60:
Income Tax Slab |
Income Tax Rate |
Up to INR 2,50,000 per year |
No tax |
Between INR 2,50,001 to INR 5,00,000 |
5% of the income above INR 2,50,000 |
Between INR 5,00,001 to INR 10,00,000 |
INR 12,500 + 20% of the income over INR 5,00,000 |
Above INR 10,00,000 |
INR 1,12,500 + 30% of the income over INR 10,00,000 |
Apart from the rates mentioned above, a health and education cess of 4% will be applied to your total taxable amount.
Income Tax Slab for Senior Citizen Women
Income Tax Slab |
Income Tax Rate |
Up to INR 3,00,000 per year |
No tax |
Between INR 3,00,001 to INR 5,00,000 |
5% of the income above INR 3,00,000 |
Between INR 5,00,001 to INR 10,00,000 |
INR 10,000 + 20% of the income over INR 5,00,000 |
Above INR 10,00,00 |
INR 1,10,000 + 30% of the income over INR 10,00,000 |
Apart from the rates mentioned above, a health and education cess of 4% will be applied to your total taxable amount.
Income Tax Slab for Super Senior Citizen Women
Income Tax Slab |
Income Tax Rate |
Up to INR 5,00,000 |
No tax |
Between INR 5,00,001 to INR 10,00,000 |
20% of the income over INR 5,00,000 |
Above INR 10,00,00 |
INR 1,00,000 + 30% of the income over INR 10,00,000 |
Apart from the rates mentioned above, a health and education cess of 4% will be applied to your total taxable amount.
Additionally, the Union Budget for 2019-2020 proposed a 100% rebate under Section 87A for those who earn an income up to INR 5,00,000 per year.
In 2021, the Union Budget proposed new income tax slabs vide sec 115BAC for taxpayers who do not avail of any deductions subject to provisions of sec. 115BAC under the Income Tax Act. The new tax slabs are as follows:
Annual Income |
Rate of Tax |
Up to INR 2,50,000 |
None |
From INR 2,50,001 to INR 5,00,000 |
5% on the income above INR 2,50,000 (Tax rebate u/s 87A is available) |
From INR 5,00,001 to INR 7,50,000 |
INR 12,500 + 10% on the income above INR 5,00,000 |
From INR 7,50,001 to INR 10,00,000 |
INR 37,500 + 15% on the income above INR 7,50,000 |
From INR 10,00,001 to INR 12,50,000 |
INR 75,000 + 20% on the income above INR 10,00,000 |
From INR 12,50,001 to INR 15,00,000 |
INR 1,25,000 + 25% on the income above INR 12,50,000 |
Over INR 15,00,000 |
INR 1,87,500 + 30% on the income above INR 15,00,000 |
Apart from the rates mentioned above, a health and education cess of 4% will be applied to your total taxable amount.
Surcharge (applicable for Old & New Tax Regime):
Surcharge is levied over and above the tax subject to marginal relief at following rates if total income exceeds specified limits:
Total Income |
Rate of surcharge |
Exceeding INR 50 lakhs but not exceeding INR 1 Cr. |
10 % |
Exceeding INR 1Cr. but not exceeding INR 2 Cr. |
15% |
Exceeding INR 2Cr. but not exceeding INR 5 Cr. |
25% |
Exceeding INR 5 Cr. |
37% |
*
What is the Taxable Income Calculation for Women?
In India, the Income Tax department views income under five broad categories as taxable income. Your taxable income gets calculated after considering your income from:
- Salary
- House property
- Business or profession
- Capital gains
- Income from other sources
It may seem like a lot of tax, but the Income Tax Act, 1961, also allows a tax rebate or exemption if you meet certain conditions.
Income Tax Exemptions for Women
A woman can enjoy tax exemptions under various sections of the Income Tax Act. Let’s see what they are:
Section 80C
Here, you can get a tax exemption of up to INR 1,50,000 per year for the money you invest in:
- Tax-saving fixed deposits
- National Savings Certificate
- NPS
- Life Insurance premium
- ELSS
- EPF
- Senior Citizen Savings Schemes
- Sukanya Samriddhi Yojana etc.
Section 80CCC
The section outlines an exemption of up to INR 1,50,000 against money put into pension and annuity plans.
Section 80TTA
Women can get an exemption up to INR 10,000 per year on the interest they earn by way of interest on deposit (other than time deposit).
Section 80TTB
Senior citizen women can get an exemption up to INR 50,000 per year on the interest they earn on deposits both saving and time deposits.
Section 80D
Women can enjoy exemptions for the premiums they pay for health insurance policies for themselves, their spouse, dependent children and parents.
Section 80E
The interest you pay on an education loan gets deducted from your taxable income.
Section 80GG
Individuals who do not receive a House Rent Allowance can enjoy this exemption on rent payments.
Section 80DD
Under this section, women can get exemptions for the medical treatment of a dependant, being person with disability.
Section 80DDB
Here, women can enjoy tax exemptions against payment for medical treatments of themselves or dependents who suffer from specific diseases. The maximum exemption is INR 40,000 for those below the age of 60 and INR 1,00,000 for those above the age of 60.
Section 80GGC
Contributions to political parties also do not attract any tax. There is no limit on the exemption amount as long as the contribution has not been made in cash.
Section 80G
Contributions to charitable organisations and certain relief funds are also exempt from taxation. In certain cases, only a 50% exemption is allowed. In others, 100% exemption is allowed.
Section 80CCG
Here, you can enjoy exemptions on investments you make towards equity products. The exemption is limited to INR 25,000 or 50% of the investment amount, whichever is lower.
Frequently Asked Questions
Q: Do women have different income tax liabilities in India?
A: No. Women had different income tax liabilities until 2012. Since 2013, the income tax slab depends solely on the individual’s age and income.
Q: Is the date to file taxes the same for all taxpayers?
A: The date to file taxes varies. Those who require a mandatory audit can file their taxes later, while individuals must file their taxes earlier.
Q: Can women enjoy tax exemptions on group health insurance policies?
A: No, individuals cannot get any tax rebate on the premium paid for a group health policy. But, the premiums paid for individual health plans offer considerable tax exemptions.
Related articles:
ARN: ED/09/22/29483
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
Vishal Subharwal
Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.
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HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.
Tax benefits/deductions are subject to provisions of the Income Tax Act, 1961. Tax Laws are subject to change from time to time.
The customer is requested to seek tax advice from his Chartered Accountant or personal tax advisor with respect to his personal tax liabilities under the Income-tax law.
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