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Revenue Tax Slabs for Girls in India – Exemption and Rebates

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Dec 30, 2021


income, Exemptions and Deduction Posted On

Posted By mike jhone

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The ladies workforce in India has been steadily rising through the years. An rising variety of girls are actually employed and contribute in the direction of family bills similar to males. To additional encourage and empower girls, the federal government additionally gives a number of tax advantages.

Listed here are a few of the most essential issues you must find out about tax advantages accessible for ladies in India:

1. Revenue Tax Slabs for Girls

Till 2012-13, women and men had completely different tax slabs; girls had decrease tax charges. Nevertheless, the tax slabs are actually the identical for women and men. In Price range 2020, the federal government proposed a brand new concessional tax regime, which gave taxpayers the choice to pay taxes as per the previous or new tax regime.

Right here’s a fast overview of the previous tax regime:

Revenue Tax Slabs Tax Fee
As much as Rs. 2.5 lakhs Nil
Rs. 2.5 lakhs to Rs. 5 lakhs 5%
Rs. 5 lakhs to Rs. 10 lakhs 20%
Rs. 10 lakhs and above 30%

2. Tax Slabs Underneath New Concessional Tax Regime

The brand new tax regime has decrease tax charges for many slabs, however taxpayers can not profit from a lot of the deductions and exemptions they have been entitled to get underneath the older regime.

The next desk explains the tax price underneath completely different tax slab underneath the brand new tax regime:

Revenue Tax Slabs Tax Fee
As much as Rs. 2.5 lakhs Nil
Rs. 2.5 lakhs to Rs. 5 lakhs 5%
Rs. 5 lakhs to Rs. 7.5 lakhs 10%
Rs. 7.5 lakhs to Rs. 10 lakhs 15%
Rs. 10 lakhs to Rs. 12.5 lakhs 20%
Rs. 12.5 lakhs to Rs. 15 lakhs 25%
Rs. 15 lakhs and above 30%

Well being and training cess @4% of the earnings tax can also be relevant.

  1. Tax Slabs for Senior and Tremendous Senior Girls

The tax slabs additionally differ for ladies under 60 years, between 60 to 80 years (seniors), and above 80 years (tremendous seniors). Listed here are the brand new tax slabs for senior and tremendous senior girls:

Revenue Tax Slabs Tax Fee
As much as Rs. 2.5 lakhs Nil
Rs 2.5 lakhs to Rs 3 lakhs 5%
Rs. 3 lakhs to Rs. 5 lakhs 5%
Rs. 5 lakhs to Rs. 7.5 lakhs 10%
Rs. 7.5 lakhs to Rs. 10 lakhs 15%
Rs. 10 lakhs to Rs. 12.5 lakhs 20%
Rs. 12.5 lakhs to Rs. 15 lakhs 25%
Rs. 15 lakhs and above 30%
Revenue Tax Slabs Tax Fee
As much as Rs. 2.5 lakhs Nil
Rs 2.5 lakhs to Rs 5 lakhs 5%
Rs. 5 lakhs to Rs. 7.5 lakhs 10%
Rs. 7.5 lakhs to Rs. 10 lakhs 15%
Rs. 10 lakhs to Rs. 12.5 lakhs 20%
Rs. 12.5 lakhs to Rs. 15 lakhs 25%
Rs. 15 lakhs and above 30%

Well being and training cess @4% of the earnings tax can also be relevant.

3. Tax Deductions Accessible for Girls

Listed here are a few of the deductions that girls taxpayers can avail to cut back their tax liabilities:

  • Part 80C:Deductions of as much as Rs. 1.5 lakhs on investments in Fairness Linked Financial savings Scheme (ELSS), Nationwide Pension Scheme (NPS), 5-12 months Tax-Saving Mounted Deposit, and many others., or principal reimbursement of dwelling mortgage.
  • Part 80D:Deduction of as much as Rs. 25,000 on medical insurance premiums paid for self and/or household. Deduction of as much as Rs. 50,000 if senior citizen dad and mom are coated within the coverage.
  • Part 80E:Deduction on curiosity paid on training mortgage with no higher restrict.
  • Part 24:Deduction of as much as Rs. 2 lakhs on curiosity paid in the direction of a house mortgage.

 4.  Tax Rebates Accessible for Girls

Underneath Part 87A of the IT Act, each taxpayer, be it man or lady, is eligible for a tax rebate of as much as ₹12,500, if the web taxable earnings is as much as ₹5 lakhs within the monetary 12 months. The rebate is out there underneath each previous and new tax regimes.

Other than this, there isn’t any extra earnings tax rebate completely accessible to girls.

The deductions, exemptions, and different insurance policies launched by the federal government may also help girls taxpayers stay a extra assured and impartial life. There are numerous financial savings and funding choices that may assist taxpayers cut back their tax liabilities.

Search for a good insurance coverage supplier to know extra about such merchandise and make the very best use of the accessible tax advantages.

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