Income Tax Slab & Deductions for Women AY 2024-25

Income Tax Slab & Deductions for Women AY 2024-25: In this article, we will discuss Income Tax Slab and Deductions for Women for the Assessment Year 2024-25. For women, taxes are charged according to their income levels. However, all deductions and exemptions are same as men. These include house rent allowances, standard deduction and medical reimbursements among others. We will provide you with insights on ways through which ladies can save more on taxes by investing in Public Provident Funds (PPF), National Savings Certificates (NSC) and mutual funds.

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. 2024-25

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.2024-25

✔ (Individual/HUF/A.O.P/B.O.I) Men/Women

✔ A.Y. 2024-25

Individuals Male Female Below 60 Years of Age

Income RangeTax Rate
➡️ Up to Rs. 2,50,000Nil
➡️ Rs. 2,50,001 to Rs. 5,00,0005%
➡️ Rs. 5,00,001 to Rs. 10,00,00020%
➡️ Above Rs. 10,00,00030%

Surcharge

Senior Citizen

➡️ Up to Rs. 3,00,000Nil
➡️ Rs. 3,00,001 to Rs. 5,00,0005%
➡️ Rs. 5,00,001 to Rs. 10,00,00020%
➡️ Above Rs. 10,00,00030%

Super Senior Citizen

➡️ Up to Rs.5,00,000Nil
➡️ Rs. 5,00,001 to Rs. 10,00,00020%
➡️ Above Rs. 10,00,00030%

Surcharge

✔️ 10% if total income exceeds Rs. 50 lacs,
✔️ 15% if total income exceeds Rs. 1 Crore but doesn't exceed Rs. 2 Crore,
✔️ 25% if total income exceeds Rs. 2 Crore but doesn't exceed Rs. 5 Crore
✔️ 37% if total income exceeds Rs. 5 Crore
✔️ Short-term capital gains covered under section 111A, long-term capital gains covered under sections 112/112A, as well as dividend income will be subject to a surcharge of a maximum of 15%.

Health and Education Cess

✔️ Health & Education cess at 4% of Income Tax & Surcharge

Rebate U/s 87A

✔️ Resident individuals who earn up to Rs. 5,00,000 per annum are entitled to relief of up to Rs. 12,500 under Section 87A.

Section 115BAC New Tax Regime

Special Tax Rates for Individual/HUF/AOP/BOI/AJP Assessees opting for Section 115BAC
➡️ Up to Rs. 3,00,000Nil
➡️ From Rs. 3,00,001 to Rs. 6,00,0005%
➡️ From Rs. 6,00,001 to Rs. 9,00,00010%
➡️ From Rs. 9,00,001 to Rs. 12,00,00015%
➡️ From Rs. 12,00,001 to Rs. 15,00,00020%
➡️ Above Rs. 15,00,00030%

Surcharge

10% if total income exceeds Rs. 50 Lacs
15% if total income exceeds Rs. 1 Crore but does'nt exceed Rs. 2 Crore,
25% if total income exceeds Rs. 2 Crore
In case of short term capital gains covered u/s 111A, long term capital gains covered u/ss 112/112A and dividend income, surcharge would be restricted to maximum 15%

Health and Education Cess

Health & Education Cess @4% of Income Tax and Surcharge

Rebate U/s 87A

Relief u/s 87A up to Rs. 25,000 for resident individual having total income of up to Rs. 7,00,000

Notes

✔  Individuals with taxable income up to Rs.5,00,000 will be eligible for the tax rebate for AY. 2024-25. 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 (AY 2024-25)

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 AY 2024-25 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%.

✔ 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.

Check Income Tax Slabs

Income Tax Slab (Alternate Tax Regime) for Women and Men

✔ Individual/HUF (Alternate Tax Regime)

✔ (A.Y 2024-25)

Choose whichever option will save you more taxes, whether it is the old tax regime or the alternative tax regime.

Income RangeBefore Budget 2023 (New Tax Regime)After Budget 2023 (New Tax Regime)
₹0-₹2,50,000NilNil
₹2,50,000 -₹3,00,0005%Nil
₹3,00,000-₹5,00,0005%5%
₹5,00,000-₹6,00,00010%5%
₹6,00,000-₹7,50,00010%10%
₹7,50,000-₹9,00,00015%10%
₹9,00,000-₹10,00,00015%15%
₹10,00,000-₹12,00,00020%15%
₹12,00,000-₹12,50,00020%20%
₹12,50,000-₹15,00,00025%20%
>₹15,00,00030%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) (AY 2024-25)

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.

18 thoughts on “Income Tax Slab & Deductions for Women AY 2024-25”

  1. 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

    Reply
  2. 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

    Reply
  3. 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

    Reply
    • 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

      Reply
  4. Please confirm PPF amount of investment for exemption. is it Rs.100000 or Rs.70000 as mention above

    Reply
  5. 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

    Reply
    • 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.

      Reply
  6. 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

    Reply
  7. 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.

    Reply
    • 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.

      Reply
  8. 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.

    Reply

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