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Income Tax Slab for Women in India

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.

  • 29,931 Views | Updated on: Mar 21, 2024

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.

Key Takeaways

  • India has a progressive tax regime.
  • The income tax slab starts from 5% and goes up to 30%.
  • People earning up to ₹7,50,000 annually are exempted from the tax slabs.
  • The government provides several tax benefits and reliefs to women.
  • Women with annual taxable income of more than ₹50 lakh require to pay an additional surcharge on top of their income tax slab.

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.

Taxation and Women

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.

Categories Under Income Tax

  • Individuals: Residents below 60 years of age, including Non-Residents.
  • Senior Citizens: People above the age of 60 years.
  • Super Senior Citizen: People above the age of 80 years.

Income Tax Slab for Women 2023-24

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

Additional Surcharge for Women

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%

Taxable Income

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:

Income from Salary

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.

Income from Business or Private Practice

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.

Income from Property

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.

Income from Other Sources

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.

To Sum Up

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.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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