In India, anyone earning above a certain amount is required to pay income tax to the government. Taxes are paid according to the tax slabs table published by the government. However, women who are taxpayers often feel that they enjoy higher tax relief than men. Let’s clear up this confusion by knowing the income tax slab for women.
Currently, the income tax rate for male and female taxpayers is the same in India. From 2012 to 2013, female taxpayers enjoyed a higher tax credit, but this has been abolished. Both men and women now enjoy the same tax exemption limits and rebates.
The Income tax slab table for women below age 60 for the year of assessment 2022-23 according to old and new rules:
| Income Tax Slabs | Old Tax Regime | New Tax Regime |
| Up to Rs 2,50,000 | Nil | Nil |
| Rs 2,50,001 to Rs 5,00,000 | 5% | 5% |
| Rs 5,00,001 to Rs 7,50,000 | 20% | 10% |
| Rs 7,50,001 to Rs 10,00,000 | 20% | 15% |
| Rs 10,00,001 to Rs 12,50,000 | 30% | 20% |
| Rs 12,50,001 to Rs 15,00,000 | 30% | 25% |
| Above Rs 15,00,000 | 30 | 30% |
The Income tax slab table for women between age 60 to 80 for the year of assessment 2022-23 according to old and new rules:
| Income Tax Slabs | Old Tax Regime | New Tax Regime |
| Up to Rs 2,50,000 | Nil | Nil |
| Rs 2,50,001 to Rs 3,00,000 | Nil | 5% |
| Rs 3,00,001 to Rs 5,00,000 | 5% | |
| Rs 5,00,001 to Rs 7,50,000 | 20% | 10% |
| Rs 7,50,001 to Rs 10,00,000 | 20% | 15% |
| Rs 10,00,001 to Rs 12,50,000 | 30% | 20% |
| Rs 12,50,001 to Rs 15,00,000 | 30% | 25% |
| Above Rs 15,00,000 | 30% | 30% |
The Income tax slab table for women above 80 for the year of assessment 2022-23 according to old and new rules:
| Income Tax Slabs | Old Tax Regime | New Tax Regime |
| Up to Rs 2,50,000 | Nil | Nil |
| Rs 2,50,001 to Rs 5,00,000 | Nil | 5% |
| Rs 5,00,001 to Rs 7,50,000 | 20% | 10% |
| Rs 7,50,001 to Rs 10,00,000 | 20% | 15% |
| Rs 10,00,001 to Rs 12,50,000 | 30% | 20% |
| Rs 12,50,001 to Rs 15,00,000 | 30% | 25% |
| Above Rs 15,00,000 | 30% | 30% |
What Is the Basic Exemption Limit for Women
Women taxpayers in India can avail the exemptions from income tax as per below:
| Income Tax Sections | Deduction Towards Payment Made to | Deduction Limit |
| 80C | Life insurance premiumProvident FundNational Savings CertificateHousing Loan PrincipalTuition feesSubscription to certain equity shares other items | Combined limit of Rs 1,50,000 |
| 80CCC | Annuity plan towards Pension Scheme | |
| 80CCD (1) | Pension Scheme of Central Government | |
| 80CCD(1B) | Pension scheme of central Govt., excluding deductions claimed under 80CCD (1) | Rs. 50,000 |
| 80D | Health insurance premiumPreventive health check-up | Rs 25,000 for self/spouse/dependents and parentsRs 50,000 (for senior citizens)Rs 5,000 (for preventive health check-up also included in above limits) |
| Unpaid medical expenses for senior citizen | Rs 50,000 for self/spouse/dependents and parents | |
| 80DD | Treatment or maintenance of disabled dependents or amounts paid under related approved schemes | Rs 75,000Rs 1,25,000 for severe disability. |
| 80DDB | Medical treatment for specified diseases | Rs 40,000 for self and dependents 1,00,000 for senior citizens |
| 80TTA | Interest on saving accounts in the bank(for senior citizens only) | Rs 10,000 |
| 80TTB | Interest on deposits by resident senior citizens | Rs 50,000 |
| 80U | A resident taxpayer with disability | Rs 75,000Rs 1,25,000 for severe disability. |
| 80E | Interest paid for higher education loan | Total interest amount paid (includes self or dependents) |
| 80EE | Interest expense on electric vehicle loans approved between April 1, 2019, and March 31, 2023 | Rs 50,000 on the interest amount |
| 80EEA | Interest amount paid for a loan sanctioned for first time residential property between 1st April 2019 to 31st March 2022 and not claimed under 80EE | Rs 1,50,000 on the interest amount |
| 80EEB | Interest expense on electric vehicle loans approved from April 1, 2019, to March 31, 2023 | Rs 1,50,000 on the interest amount |
| 80G | Donations to listed charities, foundations, etc.. | No deduction for cash donations over Rs 2000 is allowed. |
| 80GG | Residential rent paid by a self-employed person or someone who does not receive HRA as part of the salary | Rs 5,000 per month rent amount minus 10% of total income25% of the total income |
| 80GGA | Contributions to rural development or scientific research | Deduction on the donation amountNo deduction for cash donations over Rs 2000 is allowed. |
| 80GGC | Funds donated to political parties or to an electoral trust in India. | Deduction on the donation amount |
How Can Women Save Tax
Yes, Women can save a lot on income taxes with proper tax planning. However,
many women are unaware of their rights and obligations under the Income Tax Act.
There are numerous legal ways to save taxes by taking advantage of various available and eligible deductions, exemptions, and benefits under the Income Tax Act.
Below are some of the important aspects of tax planning that can save you a lot of money on income tax for women:
- Maximise deductions under section 80C
- Contribute to a national pension scheme.
- claim house rent allowance
- Offset repayment for home loan
- Claim business expenses
- Save tax on repayment of education loan
- Keep an eye on investment returns
- Donate to charities and relief funds
Can I Pay My Wife a Salary to Reduce Tax
If you run a business and your wife supports you, paying a salary to her when she is not within or below your income tax could significantly increase your family’s total tax burden. This will certainly reduce your tax liability.
Which ITR Is for Housewife
The most obvious fact is whether the housewife has a source of income. If you have no income sources such as rental income, fixed deposit (FD) interest, mutual funds, or do not own any investments, you are exempt from filing taxes. On the other hand, if a woman receives income in excess of the limit set by the government, then she must file income tax based on her income tax classification..
What Benefits Can I Claim as a Housewife
A housewife can claim these benefits:
- At the time of repaying the house loan
- Deduction Under Section 80C of Income Tax Act
- Benefits in Education Loan
- Sukanya Samriddhi Yojana
Frequently Asked Questions (FAQs):-
How much money a housewife can deposit in bank?
Now, housewives may not have a problem with the income tax department depositing up to Rs 2.5 lakh cash in the bank.
Is housewife income taxable?
If a housewife earns more than the above limits, then they must file an ITR. A woman under the age of 60 is exempt from tax if her income is less than Rs 2.5 lakh.
What Amount Is Taxable for Women
if your total gross income in any fiscal year exceeds Rs.2,50,000 then you are able to file ITR.
Is Money Given to Mother Taxable
According to the government rules, gifts of cash, checks, land, buildings, or property owned by the recipient are taxable if they exceed INR 50,000 in a fiscal year.
Conclusion
Now as you know about the income tax slab for women. Income tax payments to eligible women taxpayers are mandatory under the laws of the country. Therefore, women who have a taxable income must pay income tax every year according to their tax slab.