In India, Income Tax can be classified as progressive in nature which means that the rate of increase in income tax payable is directly proportional to the increase in the individual income. It simply means that the tax liability of a person increases with an increase in their income. apart from their income, it also depends on their age. Here in this article, we will discuss the Income Tax Slab For Female For AY 2020-21.
The Indian Income Tax Act levies the tax on individual taxpayers on the basis of a slab system. This type of taxation enables a progressive and fair system in the country. These slab rates are different for different categories of taxpayers. Indian income tax slab classify three categories of” individual” taxpayers such as-
1. Individual aged less than of 60 years including resident and non resident assessee.
2. Resident senior citizens 60 to 80 years of age.
3. Resident super senior citizens aged more than 80 years.
Income tax Slab For Female Taxpayers- Before 2012-13, the basic tax exemption limit was segregated for male and female taxpayers. Women enjoyed a higher basic exemption limit when it came to tax payments on their income earned.
However since 2012-13, this difference has been away with and the common tax slab has been applicable for both men and women, with respect to their Income and age. Following are the applicable Income Tax Slab For Female For AY 2020-21
Income Tax Slab For Female For AY 2020-21
Here is the applicable income tax slab for female for ay 2020-21:
| Income Tax Slab | Income Tax Rates (Age below 60 years) |
|---|---|
| upto Rs. 2,50,000 | NIL- No Tax |
| Rs. 2,50,000 to Rs. 5,00,000 | 5 % of total income exceeding Rs. 2,50,000 |
| Rs. 5,00,001 to Rs. 10,00,000 | Rs. 12,500 + 20% of total income exceeding Rs. 5,00,000 |
| Above Rs. 10,00,000 | Rs. 1,12,500 + 30% of total income exceeding Rs. 10,00,000 |
Note 1:- An additional 4% health & education cess will be applicable to the tax amount calculates as above.
Note 2:- A tax rebate under section 87A is allowed to individual taxpayers for a maximum amount of Rs. 12,500 if his total income is up to Rs. 5,00,000 for AY 2020-21
Note 3:- Surcharge is additional on the amount of Income tax.
Income Tax Rates for Resident Senior Citizen Women (Age 60 years to 80 years)
| Income Tax Slab | Income Tax Rates For Senior Citizen (Age 60 years to 80 years) |
|---|---|
| upto Rs. 3,00,000 | NIL- No Tax |
| Rs. 3,00,000 to Rs. 5,00,000 | 5 % of total income exceeding Rs. 3,00,000 |
| Rs. 5,00,001 to Rs. 10,00,000 | Rs. 10,000 + 20% of total income exceeding Rs. 5,00,000 |
| Above Rs. 10,00,000 | Rs. 1,10,000 + 30% of total income exceeding Rs. 10,00,000 |
Note 1:- An additional 4% health & education cess will be applicable to the tax amount calculates as above.
Note 2:- A tax rebate under section 87A is allowed to individual taxpayers (Age 60 or 60+ but below 80 years) for a maximum amount of Rs. 10,000 if the total income is up to Rs. 5,00,000 for AY 2020-21.
Note 3:- Surcharge is additional on the amount of Income tax.
Must Read- Old vs New: Choose between Old Tax Regime and New Tax Regime of the Income Tax Act
Income Tax Rates for Resident Super Senior Citizen Women (Age above 80 years of age)
| Income Tax Slab | Income Tax Rates For Super Senior Citizen (Age above 80 years of age) |
|---|---|
| upto Rs. 5,00,000 | NIL- No Tax |
| Rs. 5,00,001 to Rs. 10,00,000 | 20% of total income exceeding Rs. 5,00,000 |
| Above Rs. 10,00,000 | Rs. 1,00,000 + 30% of total income exceeding Rs. 10,00,000 |
Note 1:- An additional 4% health & education cess will be applicable to the tax amount calculates as above.
Note 2:- Surcharge is additional on the amount of Income tax
Applicable Surcharge
| Income Limit | Surcharge rate on amount of Income Tax |
|---|---|
| Net income exceeds Rs. 50 Lakhs but does not exceed Rs. 1 Crore | 10% |
| Net Income exceeds Rs. 1 Crore but does not exceed Rs. 2 Crore | 15% |
| Net Income exceeds Rs. 2 Crore but does not exceed Rs. 5 Crore | 25% |
| Net Income exceeds Rs. 5 Crore | 37% |
Frequently Asked Questions- FAQs
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What is the Income Tax Slab for AY 2020-21?
Income Tax Slab For AY 2020-21 in case of Individual (Age below 60 years) and HUF-
🎯 upto Rs. 2,50,000 ▶️ NIL (No Tax)🎯 Rs. 2,50,000 to Rs. 5,00,000 ▶️ 5 % of total income exceeding Rs. 2,50,000
🎯 Rs. 5,00,001 to Rs. 10,00,000 ▶️ Rs. 12,500 + 20% of total income exceeding Rs. 5,00,000
🎯 Above Rs. 10,00,000 ▶️ Rs. 1,12,500 + 30% of total income exceeding Rs. 10,00,000
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What is the Income Tax Slab For Ladies?
Income Tax Slab For Female for AY 2021-22 – Here is the applicable income tax slab for ladies taxpayers for AY 2021-22 as per the New Tax Regime-
🎯 up to Rs. 2,50,000 NIL ▶️ No Tax
🎯 Rs. 2,50,001 to Rs. 5,00,000 ▶️ 5 % (Tax Rebate u/s 87a is available)
🎯 Rs. 5,00,001 to Rs. 7,50,000 ▶️ 10%
🎯 Rs. 7,50,001 to Rs. 10,00,000 ▶️ 15%
🎯 Rs. 10,00,001 to Rs. 12,50,000 ▶️ 20%
🎯 Rs. 12,50,001 to Rs. 15,00,000 ▶️ 25%
🎯 Above Rs. 15,00,000 ▶️ 30%
Note- The taxpayer opting for concessional rates in the New Tax Regime will have to forgo certain exemptions and deductions available in the existing old tax regime.
Note 2:- A tax rebate under section 87A is allowed to individual taxpayers for a maximum amount of Rs. 12,500 if the total income is up to Rs. 5,00,000 for AY 2021-22. The amount of rebate shall be 100% of the Income Tax or Rs. 12,500 whichever is less. (New Regime)
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What is the standard deduction for AY 2020-21?
Standard deduction means a flat deduction to individuals earning a salary or pension income. It was introduced back in Budget 2018 in lieu of transport allowance and reimbursement of miscellaneous medical expenses. It is allowable from the “Income taxable under the head salary” The tax benefits can be claimed irrespective of the actual amount spent on ‘transport allowance’ and ‘medical allowance’.
For the assessment year 2020-21, the standard deduction applicable to salaries individual and pensioners is Rs. 50,000/-. But if you are choosing to pay tax under the new tax regime then you can not avail of the standard deduction
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Disclaimer: The information contained in the above article are solely for informational purpose after exercising due care. However, it does not constitute professional advice or a formal recommendation. The author does not own any responsibility for any loss or damage caused to any person, directly or indirectly, for any action taken on the basis of the above article.
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