As per the IT Act of 1961, every individual earning beyond a certain amount must pay income tax and do their ITR filing as per the government, regardless of their gender. In this article, we look at income tax slabs and ITR filing for women and how different incomes may have different interest rates.
We would also be looking at the old and new regimes and how women have the freedom to choose their income tax as per their choice.
Categorisation for tax purposes
To streamline the taxation process, taxpayers in India are classified into different categories based on their age. The three primary categories of taxpayers are:
- Women taxpayers below the age of 60 years:
Women taxpayers who are below the age of 60 fall under this category. They are subject to the same tax slabs as men. The tax slabs are structured based on income brackets, with higher income brackets incurring higher tax rates.
- Senior citizen women (Between 60 and 80 Years):
Senior citizen women, aged between 60 and 80 years, enjoy the same tax slabs as senior citizen men. The tax rates and exemptions are determined based on their income levels. However, it’s worth noting that senior citizens, irrespective of gender, may have certain additional tax benefits and concessions, such as higher exemption limits.
- Super senior citizen women (Over 80 Years):
Super senior citizen women, aged over 80 years, are entitled to the same tax slabs as their male counterparts falling within the same age bracket. Similar to senior citizens, they may receive specific benefits and exemptions based on their income.
What are the income tax slabs for women?
Women can do their ITR filing based on the tax deducted either through the old or new tax regime. Both options are available, and they must choose the one at the beginning of every financial year. Let’s look at the tax slabs per both regimes.
Income tax slabs for women below 60 years:
|Up to Rs. 2,50,000||Nil|
|Between Rs. 2,50,000 to Rs. 5,00,000||5% above Rs. 2,50,000|
|Between Rs. 5,00,001 and Rs. 10,00,000||Rs. 12,500 + 20% above Rs. 5,00,000|
|Above Rs. 10,00, 000||Rs. 1,12,500 + 30% above Rs. 10,00,000|
|Up to Rs. 2,50,000||Nil|
|Between Rs. 2,50,000 to Rs. 5,00, 000||5% above Rs. 2,50, 000|
|Between Rs. 5,00,001 and Rs. 7,50,000||Rs. 12,500 + 10% above Rs. 5,00,000|
|Between Rs. 7,50,001 and Rs. 10,00,000||Rs. 37,500 + 15% above Rs. 7,50,000|
|Between Rs. 10,00,001 and Rs. 12,50,000||Rs. 75,000 + 20% above Rs. 10,00,000|
|Between Rs. 12,50,001 and Rs. 15,00,000||Rs. 1,25,000 + 25% above Rs. 12,50,000|
|Above Rs. 15,00,001||Rs. 1,87,500 + 30% above Rs. 15,00,000|
Income tax slabs for women between 60 and 80 years:
|Up to Rs. 3,00,000||Nil|
|Between Rs. 3,00,001 to Rs. 5,00, 000||5% above Rs. 3,00,000|
|Between Rs. 5,00,001 and Rs. 10,00,000||Rs. 10,000 + 20% above Rs. 5,00,000|
|Above Rs. 10,00,000||Rs, 1,10,000 + 30% above Rs. 10,00 000|
Income tax slabs for women over 80 years:
|Up to Rs. 5,00,000||Nil|
|Between Rs. 5,00,001 to Rs. 10,00, 000||20% above Rs. 5,00,000|
|Above Rs. 10,00, 000||Rs, 1,00,000 + 30% above Rs. 10,00 000|
Note that the tax slabs, according to the new regime, stay the same irrespective of the age of the women. Also, it is important to deduct the tax on time to file your ITR on time. Always check the last date for filing ITR to avoid paying any penalties.
Tax-paying is an important element and must be done by everyone, earning over a certain limit. The tax slabs are given above for your reference to understand how much your deduction will be based on your income and age. Similarly, if you need clarification about ITR filing, speak with any consultant to clear your doubts.