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 2022-23.
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. The 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 during the year.
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 2022-23
Income Tax Slab For Female For AY 2022-23
As per the budget 2021, there is no change in the income tax slab for the assessment year 2022-23. There are two tax regimes (New Regime and Old Regime) as usual. Under the new regime, the taxpayer has an option to choose either a new regime or stay in the old regime.
The New Tax Regime was introduced vide section 115BAC, which is applicable to individual and HUF assessee only and allows them to pay tax at lower rates. Under the New Tax Regime, the taxpayer has an option to choose either of the following:
1) To pay tax at lower rates as per the new regime on the condition that they forego certain permissible exemptions and deductions available under Income Tax.
2) To continue to pay taxes under the existing tax rates. The assessee can avail of rebates and exemption by staying in the old regime and paying tax at the existing higher rate.
Here is the income tax slab for female for ay 2022-23 as per new tax regime and old tax regime both-
New Regime- Income Tax Slab For Female For AY 2022-23
Here is the applicable income tax slab for female for ay 2022-23 as per the New Tax Regime-
| Income Tax Slab | Income Tax Rate- New Scheme |
|---|---|
| upto 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 1- 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 (includes females) for a maximum amount of Rs. 12,500 if the total income is up to Rs. 5,00,000 for AY 2022-23. The amount of rebate shall be 100% of the Income Tax or Rs. 12,500 whichever is less. (New Regime)
Must Read- Old vs New: Choose between Old Tax Regime and New Tax Regime of the Income Tax Act
Old Regime- Income Tax Slab For Female For AY 2022-23
Here is the applicable income tax slab for female for ay 2022-23 as per the Old Tax Regime-
| 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 |
Income Tax Rates for Senior Citizen Female (Age 60 years to 80 years)
| Income Tax Slab | Income Tax Rates – Senior Citizen |
|---|---|
| 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 |
Income Tax Rates for Super Senior Citizen Female (Age above 80 years of age)
| Income Tax Slab | Income Tax Rates- Super Senior Citizen |
|---|---|
| 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 |
The following points are also applicable-
Note 1:- An additional 4% health & education cess will be applicable to the tax amount calculates as above. (Both Regime)
Note 2:- A tax rebate under section 87A is allowed to individual taxpayers (Age below 60 years) for a maximum amount of Rs. 12,500 if the total income is up to Rs. 5,00,000 for AY 2022-23. The amount of rebate shall be 100% of the Income Tax or Rs. 12,500 whichever is less. (Old Regime)
Note 3:- 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 2022-23. The amount of rebate shall be 100% of the Income Tax or Rs. 10,000 whichever is less. (Old Regime)
Note 4:- The surcharge over the tax calculated will be charged (subject to marginal relief) as per the below table- (Both Regime)
| Income Limit | Surcharge rate on amount of Income Tax |
|---|---|
| Net income exceed Rs. 50 Lakhs but does not exceed Rs. 1 Crore | 10% |
| Net Income exceed Rs. 1 Crore but does not exceed Rs. 2 Crore | 15% |
| Net Income exceed Rs. 2 Crore but does not exceed Rs. 5 Crore | 25% |
| Net Income exceed Rs. 5 Crore | 37% |
Standard Deduction For AY 2022-23
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 2022-23, 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
Frequently Asked Questions- FAQs
-
What is the New Income Tax Slab for 2021-22?
Here is the income tax slab as per the new tax regime in India applicable for 2021-22 for all individuals and HUF taxpayers-
🎯 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 FY 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 Income Tax Slab For Ladies?
Income Tax Slab For Female for AY 2022-23 – Here is the applicable income tax slab for ladies taxpayers 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 . The amount of rebate shall be 100% of the Income Tax or Rs. 12,500 whichever is less. (New Regime)
-
What is the standard deduction for 2022?
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 year ending 31st March 2022, 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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