2024 Income Tax Slab for Women: Guide to Maximizing Savings

As Women play a diverse role in the workforce, from Professionals and entrepreneurs to caregivers and homemakers, their economic contributions have become an integral part of India’s growth story in this article we will sharing Income Tax Slab for women’s.

Is there any difference in Income Tax Slabs for Males and Females?

No, in India, there is no difference in the latest income tax slabs for both Males and Females.

Before the FY-2012-2013, women enjoyed a higher Tax redemption than men. However, in FY-2012-2013, the income tax slabs for Men and Women are the same.

In India, Income Tax Slabs depend on the Individual’s Income and Age, there are 3 different categories under Income Tax Slabs:-

1. Individuals:- People below 60 years of Age.
2. Senior Citizen:- People between 60 – 80 years of Age
3. Super Senior Citizen:- People above 80 years of Age

 Income Tax Slab for Women’s in India

Income Tax rates and slabs are based on a woman’s age and her income level. The Income Tax slab rates are subject to change in every Union Budget.

Under the Union Budget 2023, the government proposed a new tax regime for FY 2023-2024.

The Tax Rates for Individuals (Resident or non-resident) below 60 years of age are as under:

The Tax Rates for Individuals (Resident or non-resident), People between 60 – 80 years of Age are as under:

The Tax Rates for Individuals (Resident or non-resident), People above 80 years of Age are as under:

Additional Surcharge for Women’s in India:-

If Women’s annual income is more than Rs. 50,00,000, they have to pay an additional surcharge to the government. 

The rates of Surcharge under the Indian Tax regime are as under:

Note :- The enhanced surcharge of 25% and 37%, as the case may be, is not imposed on income taxable under sections 111A, 112, 112A, and dividend income. Therefore, the maximum rate of surcharge on tax payable on such income will be 15%, except where the income is taxable under sections 115A, 115AB, 115AC, 115ACA, and 115E As per The Income Tax Department, Government of India

However, Tax laws and regulations are subject to change, so it’s essential to verify the current tax rules with the Income Tax Department of India or consult with a tax professional for the most accurate and up-to-date information.

Income Tax Rebate for Women’s in India:-

As per The Union Budget 2023, Rebates under section 87A of the Income Tax Act, Individuals can enjoy the tax rebates as per their respective age:-

Note:- As per The Income Tax Department, these rebates are only applicable for Residents only, not for NRIs.

How to Calculate the Taxable Income in India?

The taxable income for individuals (Both Men’s and Women’s) is calculated under the 5 factors as below:-

1. Income from Salary
2. Income from House Property
3. Income from Capital gains
4. Income from Business and Profession
5. Income from other sources, such as interest on fixed deposits, saving accounts, etc,.

Income Tax Deduction for Women Taxpayers in India:-

Tax deductions are specified under Chapter VIA of the Income Tax Act.

There are some exemptions provided to the taxpayers in India that can be beneficial. However, these deductions will not be applicable to a taxpayer who is opting for the New Tax Regime under section 115BAC, except for deduction under section 80CCD, and also section 80CCH will be available for the New Tax Regime as well.

You can read more about this from the main website of the Income Tax Department.

In summary, the income tax slabs for women in India, are taxed based on their income levels & age just like men. While there are no special tax benefits only for women, they can still take advantage of the same deductions and exemptions available to everyone.

Also read: How to Save Tax on Health Insurance

FAQs-

Q- Are Income Tax slabs different for women compared to men in India?

A- No, Income Tax slabs are the same for both women and men in India. Tax slabs and rates are based on age and income, not gender.

Q- Are there any specific Tax benefits or exemptions available for women taxpayers under the Income Tax laws in India?

A- There are no gender-specific benefits or exemptions available under the Income tax laws. They are eligible for the same deductions and exemptions available to all taxpayers under the Income Tax Act in India.

Q- Where can women seek assistance for tax-related queries or clarifications in India?

A- Women taxpayers can reach out to Tax Professionals, Chartered Accountants, or the Income Tax Department of India for any tax-related queries or clarifications.