All about Income Tax Slab for Women
In India, income tax can be classified as progressive in nature. It means that the rate of increase in income tax payable is directly proportional to the increase in an individual’s income, regardless of their gender.
Sounds complicated?
Well, it simply means that the tax liability of a person increases with an increase in their income. Apart from their income, it also depends on their age.
For the purposes of taxation, taxpayers have been classified into three broad groups –
- Individuals below 60 years of age.
- Individuals between 60 and 80 years of age (senior citizens).
- Individuals above 80 years of age (super senior citizens).
Previously, the basic tax exemption limit was segregated for male and female taxpayers in India. Women enjoyed a higher basic exemption limit when it came to tax payment on their income earned.
However, since 2012-13, this difference in basic exemption limit has been away with, and common tax slabs have been introduced for both men and women, with respect to their income and age.
Following is a detailed explanation of income tax slabs for women – below 60 years of age, senior citizens and super senior citizens.
A Detailed Look at the Income Tax Slabs for Women
Income tax slabs refer to the applicable tax rates on the basis of one’s income and age. Now, while the categorization process remains the same, the slabs are subject to change during each Union Budget. For a budget where changes are not specifically mentioned, the tax rates remain the same as those of the previous financial year.