Income Tax Slab for Women/Female Employees in India
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.
Income Tax Slabs for Women (below 60 years of age)
Income Tax Slab for Women Under New Regime - FY 2023-24
The Union Budget 2023 proposed the new tax regime as the default regime. The revised tax income tax rates for FY 2023-24 are as follows:
| Income tax slabs | Rate of Taxation |
|---|---|
| Up to ₹3,00,000 | Nil |
| Between ₹3,00,001 and ₹6,00,000 | 5% of your total income that exceeds ₹3,00,000 |
| Between ₹6,00,001 and ₹9,00,000 | ₹15,000 + 10% of your total income that exceeds ₹6,00,000 |
| Between ₹9,00,001 and ₹12,00,000 | ₹45,000 + 15% of your total income that exceed ₹9,00,000 |
| Between ₹12,00,001 and ₹15,00,000 | ₹90,000 + 20% of your total income that exceeds ₹12,00,000 |
| More Than ₹15,00,000 | ₹1,50,000 + 30% of your total income that exceeds ₹15,00,000 |
Income Tax Slabs for Women Under New Regime - FY 2022-23
The following tax rates for the previous FY 2022-23 were applicable until March 31, 2023. Women taxpayers must consider these rates to file returns until July 31, 2023, if they had chosen the new tax regime.
| Income Tax Slabs | Rate of Taxation |
|---|---|
| Up to ₹2,50,000 | Nil |
| Between ₹2,50,000 and ₹5,00,000 | 5% of your total income that exceeds ₹3,00,000 |
| Between ₹5,00,000 and ₹7,00,000 | ₹12,500 + 10% of your total income that exceeds ₹5,00,000 |
| Between ₹7,50,000 and ₹10,00,000 | ₹37,500 + 15% of your total income that exceeds ₹7,50,000 |
| Between ₹10,00,000 and ₹12,50,000 | ₹75,000 + 20% of your total income that exceeds ₹10,00,000 |
| Between ₹12,50,000 and ₹15,00,000 | ₹1,25,000 + 25% of your total income that exceeds ₹12,50,000 |
| Above ₹15,00,000 | ₹1,87,500 + 30% of your total income that exceeds ₹15,00,000 |
Income Tax Slab for Women Under Old Regime - FY 2022-23 and FY 2023-24
The tax slabs for women under the age of 60 for the Old Tax Regime for both FY 2022-23 and FY 2023-24 remain the same, which are as follows:
| Income Tax Slabs | Rate of Taxation |
|---|---|
| up to ₹2,50,000 | Nil |
| Between ₹2,50,000 and ₹5,00,000 | 5% of your total income that exceeds ₹2,50,000 |
| Between ₹5,00,000 and ₹10,00,000 | ₹12,500 + 20% of your total income that exceeds ₹5,00,000 |
| Above ₹10,00,000 | ₹1,12,500 + 30% of your total income that exceeds ₹10,00,000 |
An additional Health and Education cess @ 4% is applicable on the tax amount calculated.
Income Tax Slabs for Senior Citizen Women
Income Tax Slab for Senior Citizen Women Under New Regime - FY 2023-24
As per Union Budget 2023, the following tax slabs will be applicable for women above 60 years but below 80 years of age, who choose the new tax regime.
| Income Tax Slabs | Rate of Taxation |
|---|---|
| Up to ₹3,00,000 | Nil |
| Between ₹3,00,001 and ₹6,00,000 | 5% of your total income that exceeds ₹3,00,000 |
| Between ₹6,00,001 and ₹9,00,000 | ₹15,000 + 10% of your total income that exceeds ₹6,00,000 |
| Between ₹9,00,001 and ₹12,00,000 | ₹45,000 + 15% of your total income that exceed ₹9,00,000 |
| Between ₹12,00,001 and ₹15,00,000 | ₹90,000 + 20% of your total income that exceeds ₹12,00,000 |
| More Than ₹15,00,000 | ₹1,50,000 + 30% of your total income that exceeds ₹15,00,000 |
Income Tax Slab for Senior Citizen Women Under New Regime - FY 2022-23
To file the income tax returns for FY 2022-23, senior citizens women who’ve opted for new tax regime must follow the given rates.
| Income tax slabs | Rate of Taxation |
|---|---|
| Up to ₹2,50,000 | NIL |
| From ₹2,50,001 to ₹5,00,000 | 5% above ₹2,50,000 |
| From ₹5,00,001 to ₹7,50,000 | ₹12,500 + 10% above ₹5,00,000 |
| From ₹7,50,001 to ₹10,00,00 | ₹37,500 + 15% above ₹7,50,000 |
| From ₹10,00,001 to ₹12,50,000 | ₹75,000 + 20% above ₹10,00,000 |
| From ₹12,50,001 to ₹15,00,000 | ₹1,25,000 + 25% above ₹12,50,000 |
| More than ₹15,00,000 | ₹1,87,500 + 30% above ₹15,00,000 |
Income Tax Slab for Senior Citizen Women Under Old Regime - FY 2022-23 and FY 2023-24
Women over 60 years of age but less than 80 years are required to pay taxes based on the following income tax slabs, if they have opted for the old income tax regime. The tax slabs remain the same for both financial years 2022-23 and 2023-24.
| Income tax slabs | Rate of Taxation |
|---|---|
| Up to ₹3,00,000 | Nil |
| From ₹3,00,001 – ₹5,00,000 | 5% of your total income that exceeds ₹3,00,000 |
| From ₹5,00,001 – ₹10,00,000 | ₹10,000 + 20% of your total income that exceeds ₹5,00,000 |
| Above ₹10,00,000 | ₹1,10,000 + 30% of your total income that exceeds ₹10,00,000 |
Senior citizens will also be levied an additional Health and Education cess @ 4%, applicable over the calculated tax amount.
Income Tax Slabs for Super Senior Citizen Women
Income Tax Slab for Super Senior Citizen Women Under New Regime - FY 2023-24
Women above the age of 80 are liable to pay taxes under the new tax regime as per the following tax rates, applicable from April 1, 2023.
| Income Tax Slabs | Rate of Taxation |
|---|---|
| Up to ₹3,00,000 | Nil |
| Between ₹3,00,001 and ₹6,00,000 | 5% of your total income that exceeds ₹3,00,000 |
| Between ₹6,00,001 and ₹9,00,000 | ₹15,000 + 10% of your total income that exceeds ₹6,00,000 |
| Between ₹9,00,001 and ₹12,00,000 | ₹45,000 + 15% of your total income that exceed ₹9,00,000 |
| Between ₹12,00,001 and ₹15,00,000 | ₹90,000 + 20% of your total income that exceeds ₹12,00,000 |
| More Than ₹15,00,000 | ₹1,50,000 + 30% of your total income that exceeds ₹15,00,000 |
Income Tax Slab for Super Senior Citizen Women Under New Regime - FY 2022-23
To file the income tax returns for FY 2022-23, super senior citizens women who’ve opted for new tax regime must follow the given rates.
| Income tax slabs | Rate of Taxation |
|---|---|
| Up to ₹2,50,000 | NIL |
| From ₹2,50,001 to ₹5,00,000 | 5% above ₹2,50,000 |
| From ₹5,00,001 to ₹7,50,000 | ₹12,500 + 10% above ₹5,00,000 |
| From ₹7,50,001 to ₹10,00,00 | ₹37,500 + 15% above ₹7,50,000 |
| From ₹10,00,001 to ₹12,50,000 | ₹75,000 + 20% above ₹10,00,000 |
| From ₹12,50,001 to ₹15,00,000 | ₹1,25,000 + 25% above ₹12,50,000 |
| More than ₹15,00,000 | ₹1,87,500 + 30% above ₹15,00,000 |
Income Tax Slab for Super Senior Citizen Women Under Old Regime - FY 2022-23 and FY 2023-24
Women taxpayers over the age of 80 should consider the following tax rates under old regime for both previous and current financial years.
| Income tax slabs | Rate of Taxation |
|---|---|
| Up to ₹5,00,000 | Nil |
| From ₹5,00,001 – ₹10,00,000 | 20% of your total incomes exceeding ₹5,00,000 |
| Above ₹10,00,001 | 30% of your total income exceeding ₹10,00,000 |
An additonal 4% Health and Education Cess on the tax amount calculated will also be applied.
Additional Surcharge
Women with an annual income higher than Rs. 50 Lakh will also be levied with a surcharge. The surcharges applicable from 1 April 2023 are as follows:
| Taxable Income | Surcharge rate on Income Tax |
|---|---|
| For individuals with an income of above ₹50 Lakh and below ₹1 Crore | 10% |
| For individuals with an income of above ₹1 Crore and below ₹2 Crore | 15% |
| For individuals with an income of above ₹2 Crore | 25% |
Note that before the Finance Bill 2023, the highest surcharge of 37% was being levied on income exceeding ₹5 Crore. However, from April 1, 2023, this surcharge has been reduced to 25%, as mentioned in the above table.
How is the Taxable Income Calculated?
The income tax department of India has fixed five heads of income under which your taxable income is calculated. These are:
- Income from salary.
- Income from house property.
- Income from business and profession.
- Income from capital gains.
- Any income from other sources which can include interest accumulated from fixed deposits, savings accounts, etc.
Now, if you are thinking that your tax liabilities are mounting up – don’t worry!
The Income Tax Act has put forth certain income tax exemptions for women and all other taxpayers that can help you to save a chunk of your income. These exemptions have been put in place primarily to inculcate the habit of savings among Indians.
Let us take a look at the income tax rebate and exemptions you can avail, as mandated by the Income Tax Act, 1961.
Income Tax Rebate for Women
The Union Budget 2023 announced tax relief for the new tax regime under Section 87A of the Income Tax Act, 1961, for individual taxpayers, including women. Following is the tax rebate for previous and current financial years, applicable for women in different age groups.
Age |
Income Tax Rebate Under New Tax Regime | Income Tax Rebate Under Old Tax Regime | |
| FY 2022-23 | FY 2023-24 | Same for FY 2022-23 and FY 2023-24 | |
| Below 60 Years | Income up to ₹5 lakhs (up to ₹12,500 on calculated tax) | Income up to ₹7 lakhs (up to ₹25,000 on calculated tax) | Income up to ₹5 lakhs (up to ₹12,500 on calculated tax) |
| Between 60 and 80 Years | Income up to ₹2.5 lakhs | Income up to ₹3 lakhs | Income up to ₹3 lakhs |
| Above 80 Years | Income up to ₹2.5 lakhs | Income up to ₹3 lakhs | Income up to ₹5 lakhs |
Income Tax Exemptions for Women Allowed Under New Tax Regime as per Budget 2023
| Category | Exemption |
| For Salaried Women | Standard deduction of up to ₹ 50,000 under the head 'Income from salaries' only on their salary income. |
| Section 80CCD (2) | Exemption on any NPS (National Pension Scheme) contribution by the employer to her NPS account. However, no tax benefits are allowed on the employee's own contribution. For private sector employees, it is up to 10% of their salary, while for government employees, it is up to 14% of their salary. |
| Agniveer Corpus Fund (under 80CCH) | Any contribution made to the Agniveer Corpus Fund, including contribution by the Agniveer or the Central Government to the Agniveer’s Seva Nidhi account. |
| Section 80JJAA | Additional employee cost, up to 30% |
Existing Income Tax Exemptions for Women Allowed Under New Tax Regime – FY 2022-23 and FY 2023-24
| Category | Exemptions |
| Savings Schemes | Interest on Post Office Savings Account is exempted up to ₹ 3,500 under Section 10(15)(i) for individual accounts, and ₹ 7,000 for joint accounts. Funds received from Life Insurance after maturity of the account are eligible for tax exemption, as per Section 10(10D) Interests and maturity amounts received from the Sukanya Samriddhi Account. |
| NPS, PPF and EPF | Tax exemption on employers' contributions to employee's NPS and EPF and superannuation accounts, up to ₹ 7.5 lakh in a financial year. Exemption on interest received from your Employees' Provident Fund account, up to 9.5%. Tax exemption on the lump-sum maturity amount received from the NPS account and the partial fund withdrawal from the Tier I NPS account. Interest or the maturity amount received from the PPF account. |
| Home Loans | The interest component of a home loan borrowed for a rented property. |
| Gratuity | Employer gratuity to non-government employees is exempted up to ₹20 lakh, and for government employees the entire gratuity is exempted from being taxed. |
| Allowances by Employers | Exemption on travel allowances for disabled employees, conveyance allowance, allowances provided to cover the travel cost or transfer of an employee, perquisites, and daily allowances. Allowances to employees provided by employers for performing official duties. If non-government employees receive a commuted pension, then 1/3rd of it qualifies for tax exemption if the employee receives gratuity. If employees do not receive gratuity, then ½ of commuted pensions is tax exempted. Gifts received from employers, up to ₹5,000. |
| Retirement | Exemption on leave encashment. Monetary benefits received from employers for voluntary retirement, up to ₹5 lakh. Education scholarships, retrenchment compensation, and monetary benefits for retirement cum death. |
Income Tax Exemptions for Women Not Allowed Under New Tax Regime as per Budget 2023
| Category | Exemptions |
| Home Loans (under Sections 80C and 80EE/ 80EEA) | Deduction on payment of interest and principal amount of housing loans up to ₹1.5 lakhs. |
| Section 80C | Investments made in Employees’ Provident Fund, Life Insurance Premium and Public Provident Fund. |
| Section 80E | Interest paid on the student loan debt. |
| Charity (under section 80G) | Donation or expenses in scientific research. Deductions including National Defense Fund, Prime Minister’s National Relief Fund, The National Foundation for Communal Harmony, National/State Blood Transfusion Council. |
Existing Income Tax Exemptions for Women Not Allowed Under New Tax Regime – FY 2022-23 and FY 2023-24
| Category | Exemptions |
| Salary Deductions | House rent allowance and leave travel allowance. Professional tax of ₹2,500. For government employees- Deductions on professional tax and entertainment allowance. |
| Savings Account | Interest received from Savings Account under Section 80TTA and 80TTB (Interest on deposits to senior citizens are taxable). Special allowances under Section 10(14). Business professionals and owners in the Special Economic Zone under Section 10AA. |
| Home Loans (under Section 24(b)) | Interest payment of home loan for self-occupied/ vacant property. Interest payment up to ₹2,00,000 for the purchase/construction/ repair/reconstruction of house property. |
| Other Sections | Tax deduction under Section 35(1)(ii), 35(2AA), 32AD, 33AB, 35(1)(iii), 33ABA, 35(1)(ii), 35CCC(a), and 35AD of the IT Act. Additional depreciation as specified under Section 32(ii) (a). The option to adjust the unabsorbed depreciation of previous years. Deductions as specified under Chapter VI-A such as 80IA, 80CCC, 80C, 80CCD, 80D, 80CCG, 80DDB, 80EE, 80E, 80EEA, 80DD, 80EEB, 80GG, 80IB, 80IAC, and 80IAB. Minor child, helper allowances and allowances for children's education. |
Income Tax Exemptions for Women Under Old Tax Regime
These are some allowances and deductions under the old tax regime for women for financial years 2022-23 and 2023-24.
- A standard deduction of up to ₹50,000.
- Leave Travel Allowance (LTA) and House Rent Allowance (HRA).
- Reimbursement for expenses on telephone and mobile used at residence.
- Reimbursement of the expenses incurred on books, newspapers, periodicals, journals, etc.
- Expenses incurred on food coupons.
- Benefits on relocation allowance for shifting from one city to another for business purposes.
- Benefits on various facilities provided by the employer like health club facilities, cab facilities, gifts or vouchers.
Know more about:- - Health Insurance with Maternity Benefits
- HRA Calculator
Under Section 80 of the Income Tax Act, women taxpayers can claim income tax benefits from the following exemptions:
| Section | Benefit | Limit |
| Section 80C | On earnings from - Principal payment on home loans Tax saving fixed deposits National Savings Certificate Equity Linked Savings Scheme National Pension Scheme Employees Provident fund Public Provident Fund Senior Citizens Savings Scheme Sukanya Samriddhi Yojana, etc. |
Maximum exemption limit of up to ₹1.5 lakhs. |
| Section 80CCC | On the deposited amount in LIC annuity plans. | Maximum exemption limit of up to ₹1.5 lakhs. |
| Section 80TTA | On interest earned from the bank savings account. | Limit is up to ₹10,000. |
| Section 80GG | Rent payment when the individual does not earn House Rent Allowance. | The lower amount between – Rent paid – (10% of total income) 25% of the total income ₹5000 per month |
| Section 24a | Interest on home loans for self-occupied property and let out property. | Up to ₹2 lakhs for self-occupied property. No limit for let-out property. |
| Section 80E | Total interest paid on education loan. | No limit on the maximum amount. |
| Section 80EEA | Home loan interest for first timers. | Up to ₹50,000. |
| Section 80CCG | Investment in equity products under the Rajiv Gandhi Equity Scheme for first-time investors. | The lower amount between- ₹25,000 or 50% of the investment amount in equity schemes. |
| Section 80D | Health insurance policy premium for self and family. | ₹25,000 (for self, spouse and dependent children) + ₹25,000 for parents below 60 years. ₹25,000 (for self, spouse and dependent children) + up to ₹50,000 (for parents above 60 years of age). Up to ₹50,000 for members of HUF where a member is above 60 years + up to ₹50,000 (for parents above 60 years of age). |
| Section 80DDB | Medical treatment of dependent individuals suffering from specified diseases. | For individuals below 60 years of age, the deduction is available for up to ₹ 40,000. |
| Section 80GGC | Contribution to political parties. | No limitations on payment methods apart from cash. |
| Section 80G | Contributions to charitable institutions and certain relief funds. | Few charitable donations are eligible for 50% deductions, and few are eligible for 100% deductions. |
Know more about:
• National Saving Certificate Calculator
Therefore, with such exemptions and benefits in place, women can reduce their tax liabilities to quite an extent by making suitable investments and expenses. Even though these investments are mostly long-term in nature, they can be extremely beneficial when it comes to saving taxes.
So, before filing your tax returns for FY 2022-23 and planning taxes for FY 2023-24, make sure you check the relevant IT slabs for women and all the applicable exemptions to ensure that you are well-informed about the entire system of taxation.
FAQs about Income Tax Slab for Women
Are income tax liabilities different for women in India?
Previously, the basic exemption limit for taxation on women was higher than that of male taxpayers in the country. Since FY 2012-13, this segregation has been abolished with tax slabs being determined solely based on an individual’s income and age.
Is tax filing due date the same for every taxpayer?
No, the due date for filing income tax varies. For individual taxpayers, the due date is set on 31st July of the assessment year.
Is a housewife exempted from paying taxes?
If the total income of a housewife exceeds the stated slab, whether from gifts or interest earned from savings account, they must file an ITR as per the selected regime.