Income Tax Slab for Women: Guide to Exemptions and Rebates
Income Tax Slab for Women: Guide to Exemptions and Rebates
With the increasing participation of women in the workforce, their economic contributions have become an integral part of India’s growth story. As more women take on professional roles and become financially independent, understanding the nuances of income tax regulations becomes essential. The income tax for women in India recognises the significant role played by women in the economy and offers specific exemptions and rebates to empower them further. Here’s a comprehensive guide that sheds light on the income tax provisions designed for women, enabling them to make informed decisions, optimise their tax planning strategies, and maximise their savings.
Are Income Tax Slabs Different for Males and Females?
No, the income tax slabs are the same for both men and women taxpayers in India. Until FY 2011-12, the income tax slab was different, with women enjoying higher tax exemption limits and paying less tax than men with the same income. From FY 2012-13, the tax slab has been made the same for men and women; there are no IT exemptions, particularly for women.
In India, the tax slabs depend on the income and age of the taxpayers, and they fall under three categories:
1. Individuals below 60 years of age
2. Individuals between 60 and 80 years of age (senior citizens)
3. Super senior citizens or those above 80 years of age
Income Tax Slab for Women (AY 2023-24)
As per Union Budget 2023, the income tax slab for FY 2023-24 for females below 60 years of age is:
| Income Tax Slabs | Taxation Rate |
| Up to Rs 3,00,000 | Nil |
| Rs 3,00,001 – Rs 6,00,000 | 5% of your total income that exceeds Rs 3,00,000 |
| Rs 6,00,001 – Rs 9,00,000 | Rs 15,000 + 10% of total income exceeding Rs 6,00,000 |
| Rs 9,00,001 – Rs 12,00,000 | Rs 45,000 + 15% of total income exceeding Rs 9,00,000 |
| Rs 12,00,001 – Rs 15,00,000 | Rs 90,000 + 20% of total income exceeding Rs 12,00,000 |
| Above Rs 15,00,000 | Rs 1,50,000 + 30% of total income exceeding ₹15,00,000 |
For women above 60 years but below 80 years of age, the tax slabs are:
| Income Tax Slabs | Taxation Rate |
| Up to Rs 3,00,000 | Nil |
| Rs 3,00,001 – Rs 6,00,000 | 5% of your total income that exceeds Rs 3,00,000 |
| Rs 6,00,001 – Rs 9,00,000 | Rs 15,000 + 10% of total income exceeding Rs 6,00,000 |
| Rs 9,00,001 – Rs 12,00,000 | Rs 45,000 + 15% of total income exceeding Rs 9,00,000 |
| Rs 12,00,001 – Rs 15,00,000 | Rs 90,000 + 20% of total income exceeding Rs 12,00,000 |
| Above Rs 15,00,000 | Rs 1,50,000 + 30% of total income exceeding ₹15,00,000 |
Income Tax Slabs for Women Above 80 Years (AY 2023-24)
For super senior citizens, that is, those above 80 years of age, the tax slabs are:
| Income Tax Slabs | Taxation Rate |
| Up to Rs 3,00,000 | Nil |
| Rs 3,00,001 – Rs 6,00,000 | 5% of your total income that exceeds Rs 3,00,000 |
| Rs 6,00,001 – Rs 9,00,000 | Rs 15,000 + 10% of total income exceeding Rs 6,00,000 |
| Rs 9,00,001 – Rs 12,00,000 | Rs 45,000 + 15% of total income exceeding Rs 9,00,000 |
| Rs 12,00,001 – Rs 15,00,000 | Rs 90,000 + 20% of total income exceeding Rs 12,00,000 |
| Above Rs 15,00,000 | Rs 1,50,000 + 30% of total income exceeding ₹15,00,000 |
Additional Surcharge for Women
With effect from April 1, 2023, women taxpayers earning more than Rs 50 lakh per annum will have to pay an additional surcharge. Let’s take a look at the surcharge rates applicable for income tax slab for AY 2022-23 for females:
| Annual Taxable Income | Surcharge Rate |
| More than Rs 50 lakh and below Rs 1 crore | 10% |
| More than Rs 1 crore and up to Rs 2 crore | 15% |
| More than Rs 2 crore and up to Rs 5 crore | 25% |
| More than Rs 5 crore and up to Rs 10 crore | 37% |
| More than Rs 10 crore | 37% |
One should note that the surcharge rates have remained the same for AY 2023-24.
Income Tax Rebate for Women (FY 2023-24)
As per the Union Budget 2023, here is the income tax limit for women based on age:
| Age | Tax Rebate Under New Regime | Tax Rebate Under Old Regime |
| Below 60 Years | Income up to Rs 7 lakh (up to Rs 25,000 on calculated tax) |
Income up to Rs 5 lakh (up to Rs 12,500 on calculated tax) |
| Between 60 and 80 Years | Income up to Rs 3 lakh | Income up to Rs 3 lakh |
| Above 80 Years | Income up to Rs 3 lakh | Income up to Rs 5 lakh |
How is the Taxable Income of a Person Calculated?
The taxable income is calculated based on the below earnings:
• Income from salary or salaried income
• Income from house property
• Income from capital gains
• Income from business and profession
• Income from any other sources, such as interest accrued on fixed deposits, savings accounts, etc.
Income Tax Exemptions for Women Taxpayers in India
Here are some exemptions that women taxpayers in India can avail of as per the Income Tax Act. However, these exemptions are not applicable under the new tax regime except 80CCD(1B):
| Sections | Investment | Deduction Limit |
| Section 80C | • National Savings Certificate • Life insurance premium • Public Provident Fund • Tax-saving fixed deposits • Tuition fees • Sukanya Samriddhi Yojana • Senior Citizen Saving Scheme • Repayment of the Principal amount taken as a House Loan |
Rs 1.5 lakh |
| Section 80CCC | Contribution to a specified pension fund | Rs 1.5 lakh |
| 80CCD(1) | Contribution towards the National Pension Scheme (NPS) | Rs 1.5 lakh |
| 80CCD(1B) | Additional deduction towards NPS contribution | Rs. 50,000 |
| Section 80D | Health insurance premium for self, family | Rs 25,000 (for self, spouse and dependent children) + Rs 25,000 for parents below 60 years. Rs 25,000 (for self, spouse and dependent children) + up to Rs 50,000 (for parents above 60 years of age). Up to Rs 50,000 for members of HUF where a member is above 60 years + up to Rs 50,000 (for parents above 60 years of age). |
| 80DDB | Medical treatment of dependent individuals suffering from specific illnesses |
Up to Rs 40,000 for individuals below 60 years, Rs 1 lakh for senior citizens |
| 80G | Donations made to any eligible religious institutions and charitable trusts, etc. |
50% or 100% of the donation |
Although there are no specific deductions exclusively for women, they can still claim deductions under different sections of the Income Tax Act, as mentioned above. For instance, women can avail of tax exemptions for investing in a Mediclaim Policy or a maternity insurance plan. So, before you file IT returns and plan your finances, ensure you know all the applicable exemptions.
Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.
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