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Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
To empower women, the Indian Government offers monetary rebates on home loans, property tax, stamp duty, etc., without directly offering higher tax exemption on income tax payment. Read ahead to know more.
India has a progressive tax regime. This implies the more you earn, the more tax you need to pay annually. However, people earning up to ₹7,50,000 annually are exempted from the tax slabs. Any income after this limit is taxable.
As an Indian citizen, you need to pay tax according to the defined slabs. The income tax slab starts from 5% and goes up to 30%. However, there are some benefits and reliefs to women under the income tax regime to empower them in the economy.
Earlier, the Indian government offered a higher basic tax exemption for women to promote women in the workforce. However, this system was abolished after FY 2012-13. But the government continued to provide benefits and reliefs to women in the form of lowered interest rates on home loans, rebates on property tax, concession on stamp duty, etc.
Under the Union Budget of FY 2023-24, the government proposed a new tax regime. The following table will show tax slabs for women below 60 years:
Tax Slabs |
Taxation Rate |
Up to ₹3,00,000 |
NIL |
₹3,00,000-₹6,00,000 |
5% of the total income that exceeds ₹3,00,000 |
Between ₹6,00,001 - ₹9,00,000 |
₹15,000 + 10% of your total income that exceeds ₹6,00,000 |
Between ₹9,00,001 - ₹12,00,000 |
₹45,000 + 15% of your total income that exceeds ₹9,00,000 |
Between ₹12,00,001 - ₹15,00,000 |
₹90,000 + 20% of the total income that exceeds ₹12,00,000. |
Above ₹15,00,000 |
₹1,50,000 + 30% of your total income that exceeds ₹15,00,000 |
Women with annual taxable income of more than ₹50 lakh require to pay an additional surcharge on top of their income tax slab. You will get clarification with the following table:
Annual Taxable Income |
Additional Surcharge Rate |
Above ₹50 lakh to ₹1 crore |
10% |
Above ₹1 crore to ₹2 crore |
15% |
Above ₹2 crore to ₹5 crore |
25% |
Above ₹5 crore |
37% |
Most of you must be wondering what income is considered taxable and what is not. To build a better understanding of taxable income, you must refer to the following points:
Anything earned from a job in the form of salary is considered taxable. However, you will get the exemption from tax up to a certain limit, but it is a good practice to file an income tax return annually.
If you are an entrepreneur or a professional who offers private consultancy services, then your income is considered taxable. Income earned from freelancing or part-time jobs is also a part of taxable income under the Indian Tax Regime.
If you are earning rental income from tenants at some of your properties, then the income earned is taxable. This is also applicable if you and your tenants live in the same house, having separate portions.
Interest earned through FDs or other deposits is included under your taxable income. However, if you have gifts from your marriage, then it is not considered taxable.
Women in the workforce not only uplift themselves but also bring change in the community altogether. Hence, the government initiates subsidies and tax rebates to strengthen women financially. These steps have shown a positive result in past years and, therefore, continued till date.
Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999