Male and female taxpayers were previously granted separate tax exemption limits in India. Income earned by women was exempt from taxation to a greater extent. Since 2012-13, however, this difference in basic exemption limit has been eliminated, and a common tax slab has been introduced for men and women, regardless of their ages and incomes, in order to make tax filing easier for both groups.
Taxpayers can be classified into three broad categories for taxation purposes:
- Individuals below 60 Years of age
- Individuals Between 60 to 80 years of age (Senior Citizens)
- Individuals Above 80 Years of age (Super Senior Citizens)
Income Tax Slabs for Women A.Y. 2022-23 & A.Y.2023-24
Income tax slabs for men and women are the same. In terms of income tax slabs, female assessees are not different in any way. According to the above categories, the only difference between income tax slabs is based on the age of the individual. The following are the income tax slabs which are applicable to men and women for A.Y. 2022-23 and A.Y.2023-24.
(Individual/HUF/A.O.P/B.O.I) Men/Women
A.Y. 2022-23 & A.Y.2023-24
| Taxable Income | Male/Female (Below 60 Years) (HUF, AOP, BOI,) | Sr. Citizens (60 to 80 Years) | Sr. Citizens (80 Years or Above) |
|---|---|---|---|
| Upto ₹2,50,000/- | Nil | Nil | Nil |
| ₹2,50,001 to ₹3,00,000 | 5% | Nil | Nil |
| ₹3,00,001 to ₹5,00,000 | 5% | 5% | Nil |
| ₹5,00,001 to ₹10,00,000 | ₹12,500+20% | ₹10,000+20% | 20% |
| Above ₹10,00,000 | ₹1,12,500+30% | ₹1,10,000+30% | ₹1,00,000+30% |
Notes
Individuals with taxable income up to Rs.5,00,000 will be eligible for the tax rebate for AY. 2022-23. The rebate will equal the income tax or Rs.12,500, whichever is less.
The long-term capital gains and short-term capital gains (sec 111A) exclude from the taxable income, which is taxable at specified rates as per sections 112 and 112A.
Surcharge (A.Y. 2020-21, A.Y. 2021-22 & A.Y.2022-23 A.Y.2023-14)
| Income | Surcharge |
| Income between 50 Lakh to 1 crore | 10% |
| Income between 1 crore to 2 crores | 15% |
| Income between 2 crores to 5 crores [excluding dividends (for A.Y. 2021-22) or capital gains from securities referred u/s 111A, 112A or 115AD(1)(b)] | 25% |
| Income above 5 crores [excluding dividends (for A.Ys. 2021-22 & 2022-23) or capital gains from securities referred u/s 111A, 112A or 115AD(1)(b)] | 37% |
Where total income includes any dividends (for A.Y. 2021-22 A.Y.2022-23 & A.Y.2023-24) or capital gains from securities referred u/s 111A, 112A or 115AD(1)(b), the surcharge on income tax in respect of such income shall not exceed 15%.
For A.Ys. 2022-23 & A.Y.2023-24, Health & Education Cess @ 4% shall be leviable on the amount of income-tax and surcharge, if any.
Don’t forget to calculate marginal relief if your income is above Rs.50 lakh. Please check the marginal relief calculator for information.
Income Tax Slab (Alternate Tax Regime) for Women and Men
Individual/HUF (Alternate Tax Regime)
(A.Y 2022-23 A.Y.2023-24)
Choose whichever option will save you more taxes, whether it is the old tax regime or the alternative tax regime.
| Taxable Income | Income Tax |
|---|---|
| Upto ₹2,50,000 | Nil |
| ₹2,50,001 to 5,00,000 | 5% |
| ₹5,00,001 to ₹7,50,000 | ₹12,500 + 10% |
| ₹7,50,001 to ₹10,00,000 | ₹37,500 + 15% |
| ₹10,00,001 TO 12,50,000 | ₹75,000 + 20% |
| ₹12,50,001 TO 15,00,000 | ₹1,25,000 + 25% |
| Above 15,00,000 | ₹1,87,500 + 30% |
Important Notes about Income Tax Slab (Alternate Tax Regime)
The long-term capital gains and short-term capital gains exclude from the taxable income, which is taxable at specified rates as per section 112 and 111A.
Taxable income is computed after allowing only specified exemptions/ deductions as per section 115BAC.
Health & Education Cess @ 4% shall be leviable on the amount of income-tax and surcharge if any.
Surcharge (Alternate Tax Regime) (A.Y 2022-23 A.Y.2023-24)
| Income | Surcharge |
| Income between 50 Lakh to 1 crore | 10% |
| Income between 1 crore to 2 crores | 15% |
| Income between 2 crores to 5 crores [excluding dividends (for A.Y. 2021-22) or capital gains from securities referred u/s 111A, 112A or 115AD(1)(b)] | 25% |
| Income above 5 crores [excluding dividends (for A.Ys. 2021-22 & 2022-23) or capital gains from securities referred u/s 111A, 112A or 115AD(1)(b)] | 37% |
Deductions for Women Assessee
Tax planning involves not just this basic exemption, but also deductions that can further reduce the tax liability of resident women. Women and men are entitled to the same income tax deductions. Since there is no difference in the income tax slab, there is no difference in the deduction also.
The income tax deductions are allowed based on specified incomes, expenditures, investments, or donations. The amount of taxable income is calculated by deducting various deductions available under Chapter VI-A of the Income Tax Act.
Please click on the following deduction to know more about that income tax deductions.
Income Tax Deduction: 80C, 80D, 80E, 80G, 80TTA, 80TTB
Deduction 80G – List of Donations Allow for Deduction under section 80G
Deduction 80GG – Deduction in respect of Rent Paid
Deduction 80EE – Deduction in respect of Interest on Loan take for Residential House Property
Deduction 80DDB (A.Y. 2022-23): Deduction of Medical Treatment
Income Tax Deduction 80E (Interest on Education Loan) A.Y. 2022-23
Please let me know if the tax exemption limit for female senior citizens has been raised to 3 lacs for assessment year 2015 – 16 in the budget presented on 28th Feb.
Vijaya
Dear Kavitajee:
You can also invest in PPF( Public Provident Fund) with Post Office or any nationalized bank( maximum 1.5 lakhs per annum during April- March.). The interest accrued is also tax free.
Thank you.
Suresh
an online Hindi tutor
Hi,
My name is Kavita and I live in Mumbai. My current CTC is 7.75L and my age is 26 years. I live with my Mother in her house.
Request you to please let me know what is my current Tax Liability and what are the best Investments I should make to save maximum tax.
I have not made ANY Investments as of now.
Thanks,
Kavita
plz invest in the following to get tax benefit and it is also necessary for you.
1) Term Insurance
2) Health insurance for you and your mother
plz tell ur mother age so that we can plan your tax and investment accordingly. Thanks
WHAT IS LIMIT FOR TUITION FEES u/s 80C
What is the limit of LTA for the A.Y.2013-14
Please confirm PPF amount of investment for exemption. is it Rs.100000 or Rs.70000 as mention above
What about tuition fees of children. Is this only for single women.
For AY 13-14 Basic Exemption limit for both men and women below the age of 60 is Rs. 2,00,000/- & Age for senior citizen is 60 years and not 65 years as mentioned
As per IncomeTax department rules, the age fixed for senior citizen for exemption of I.T for FY 2012-13(AY2013-14) is 65 with moitory limit of 2,50,000 and above 80 the limit is 500000.
It is mentioned that under sec .80C for PPF,deduction of only Rs.70000 is shown.where as up to Rs.100000 can be claimed. Pl. clarify
Yes, the maximum ceiling for PPF has been increased to the Max savings limit of 1.00L during FY 2010-11 itself.
Can You please provide the tax planning tips for A/Y 2013-14,I did n’t get the same though the point is added in your tax planning head.
send your email address to [email protected] to send the IT calculation soft ware for AY 2013-14 which will guide you in instruction to software. Easy to operate. You need to feed your Basic pay of March2012, Increment month etc as the case may be. It will give your Pay drawn details including arrears (TN State Govt. ) and Tax return in format, Form 16 etc. you need.
me too… didnt find anything about A.Y. 2013-14..waste of time watching the article..
Read reply to Pushpita Das.
I did not find anything about AY2013-14, except the title. Or did you mean there is no change at all; and hence AY2012-13 is reproduced again.
Read reply to Pushpita Das