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A Look at Income Tax Slabs for Women

The Income-tax Act of 1961 establishes two tax regimes: the old regime, which permits a number of exemptions and deductions,Read More

and the new regime, which gives reduced tax rates without exemptions.[1]Read Less

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Written ByShruti gujarathi
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Shruti gujarathi has 5 years of experience in the BFSI sector, and as Manager- Digital Marketing at Bajaj Allianz Life Insurance, manages digital and content marketing. She has had hands-on experience in content strategy, performance marketing and Strategic Alliances over a career spanning 10 years.
Reviewed ByRituraj Singh
AboutRituraj Singh
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Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Allianz Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.
Written on: 14th Feb 2025
Modified on: 17th Feb 2025
Reading Time: 15 Mins
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Income Tax Slabs
 

Individuals in India are subject to income tax using a slab system, in which various income brackets are given varying tax rates. As a person's income increases, so do the tax rates. This kind of taxation makes it possible for the nation to have a progressive and equitable tax structure. The income tax slabs for men and women are the same, there aren’t any specific tax exemptions for women. Every budget usually includes a periodic revision to the income tax slabs. These slab rates vary depending on the taxpayer group. [1]
 

A Look at the New Tax Regime
 

  • Updated Slabs: Under the new regime, the slabs have been updated.
  • Enhanced Standard Deduction: Under the new system, salaried employees' standard deduction has been increased to Rs. 75,000.
  • Family Pension: A deduction of Rs. 25,000 has been added to the Rs. 15,000 deductions for family pensions received.
  • NPS Contribution: The deduction limit on employer's contribution to NPS has been raised from 10% to 14%. [1]
     

Income Tax Slabs under the Old Regime
 

The Indian government empowers women by providing them with a range of perks and reliefs, such as lower interest rates on house loans, property tax refunds, stamp duty exemptions, etc. Even when it came to taxes, women had greater fundamental exemption limitations than men. The government did, however, eliminate this system in FY 2012–13 and institute a single tax slab for both men and women. Therefore, there is no specific benefit or deduction for women under the Income Tax Act.[2]
 

Income Tax Slabs for individuals aged below 60 years & HUF [1]
 

Income Slabs

Tax rate

Up to Rs 2,50,000

NIL

Rs 2,50,001 - Rs 5,00,000

5%

Rs 5,00,001 to Rs 10,00,000

20%

Rs 10,00,001 and above

30%

 

Income tax slab for aged above 60 years and below 80 years of age [1]
 

Income Slabs

Tax Rate

Up to Rs 3,00,000

NIL

Rs 3,00,001 - Rs 5,00,000

5%

Rs 5,00,001 to Rs 10,00,000

20%

Rs 10,00,001 and above

30%

 

Tax Slabs for Super Senior Citizen over 80 years of age[2]
 

Income slab (in Rs.)

Income tax rate

Up to Rs. 5,00,000

Nil

5,00,001 to 10,00,000

20% of income over Rs. 5,00,000

Above 10,00,000

Rs. 1,000,000 + 30% of income exceeding Rs. 1,000,000

 

 

Budget 2025 highlights* - Income Tax Slabs under the New Regime[3]
 

 

upto Rs 4,00,000

Nil

Rs 4,00,000 to Rs 8,00,000

5%

Rs 8,00,0001 to Rs 12,00,000

10%

Rs 12,00,001 to 16 lakh rupees

15%

Rs 16,00,001 to 20 lakh rupees

20%

Rs 20,00,001 to 24 lakh rupees

25%

Above 24 lakhs

30%

 

Benefits for Taxpayers in India [2]
 

The following lists the perks and exemptions from income taxes that are available to taxpayers including women taxpayers.

Section

Eligible investment or expense

Threshold limit for Deductions 

80C

  • National Savings Certificate
  • Public Provident Fund
  • Life insurance premium
  • Repayment of housing loan
  • Tuition fees
  • Sukanya Samridhi Scheme
  • Senior Citizen Saving Scheme

Rs. 1,50,000

80CCC

Contribution to specified pension fund

80CCD (1)

Contribution towards National Pension scheme (NPS)

80CCD(1B)

Additional deduction for NPS contribution

Rs. 50,000

80D

Rs. 25,000 (self, spouse and children)

Rs. 50,000 (senior citizens self/parents)

Rs. 5,000 (Preventive health checkup)

80DD

Medical care for dependents with disabilities (spouse, kids, parents, siblings)

 

Rs. 75,000

Rs. 1,25,000 in case of severe disability

80DDB

Medical care for a specific illness or condition

 

Rs. 40,000 for self and dependents

Rs. 1,00,000 for senior citizens

80E

Interest paid on a loan obtained for higher education

 

Amount of Interest paid

80EEA

Interest paid on loan for residential house

Rs. 1,50,000

80EEB

Interest paid on loan for electrical vehicle

Rs. 1,50,000

80G

Donations to eligible charitable and religious institutions, etc.

50% or 100% of the donation 

80GG

House rent paid

Whichever is less:
  • Rs 5,000 per month
  • Rent amount minus 10% of total income
  • 25% of the total income

80GGC

Contribution to a political party or electoral trust

Amount of donation

80TTA

Saving bank interest

Rs. 10,000

80TTB

Interest on bank deposits received by senior citizens

Rs. 50,000

 

Tax Rebate for Taxpayers including Taxpayers [2]
 

A rebate is a tax relief provided to those people who are in the lower-income tax bracket to ensure that they are not burdened with income tax if their pay is below a certain threshold.

Under Budget 2025*, the rebate allowed for individuals under the new tax regime is raised to Rs. 60,000.
 

Conclusion
 

A thorough understanding of women's income tax slabs is necessary for efficient financial planning. In India, women taxpayers benefit from a number of deductions and a larger basic exemption level, which can lower their tax obligations. The decision between the old and new tax regimes, however, is based on personal financial circumstances and objectives.
 

FAQs
 

1. What is the basic exemption limit for taxpayers including women taxpayers in India?
 

The basic exemption limit is Rs. 3 lakhs for everyone irrespective of their age. [1]
 

2. Are there different tax slabs for women under the old and new tax regimes?
 

Yes, the income tax slabs differ under the old and new tax regimes. Under the old regime, women enjoy a higher exemption limit and can claim deductions, while the new regime offers lower tax rates but with fewer deductions. [1]
 

3. Are there different tax slabs for women?
 

Men and women taxpayers are treated equally under Indian tax legislation. Consequently, both are subject to a single tax system. [5]
 

4. Can a housewife file an income tax return?
 

If a housewife receives money from any source, such as interest, dividends, or tuition, and that income surpasses the basic exemption limit (Rs. 3,00,000 under the present tax system and Rs. 2,50,000 under the previous one), she is required to file an income tax return. [5]
 

5. Are there any special advantages in tax rates for senior citizens in the new regime?
 

The baseline exemption level under the previous tax regime was Rs. 3,00,000 for senior citizens and Rs. 5,00,000 for super senior citizens. Up to Rs. 7 lakhs in total income are exempt from income tax under the new tax regime.[6]
 

6. Can I switch between old and new tax regime every year?
 

Every year, individuals, HUFs (Hindu Undivided Families), AOPs (which are not cooperative organizations), BOIs (Body of Individuals), or Artificial Juridical Persons who earn money from their businesses or professions will not be able to select between the two regimes. They only have one chance to transition to a new tax scheme after opting out of the old one. They will never again be able to return to the old tax regime after they pick the new one. A person with non-business income has the option to alternate between the old and new tax systems annually. [6]
 

7. Can a company take benefit from Section 80C?
 

Section 80C of the Income Tax Act only applies to individuals or Hindu Undivided Families (HUFs). As a result, a business cannot benefit from Section 80C. [7]
 

8. Can a business deduct contributions made in accordance with Section 80G?
 

A deduction under Section 80G will be available to any taxpayer who donates to certain organizations, funds, etc. [7]
 

9. What is 80GG in income tax? What is rent paid under 80GG?
 

Rent paid may be deducted under 80GG even if your salary does not include HRA or if you are a self-employed person earning income other than your pay; nevertheless, you must not own any residential property in your place of residence in order to be eligible for this deduction. [7]
 

10. What is a tax rebate?
 

A tax rebate is a type of tax relief given to people, especially those in lower income brackets, to make sure they are not taxed if their income falls below a specific threshold. The refund that people are eligible for under the new tax regime has been increased to Rs. 60,000 for the fiscal year 2025–2026.
 

References:

 

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The views stated in this article are not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions Bajaj Allianz Life Insurance Company Ltd., Regd. office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune - 411006, Reg. No.: 116, CIN: U66010PN2001PLC015959, Call us on toll free No.: 1800 209 7272, Mail us: customercare@bajajallianz.co.in

Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility

* The above content is subject to the passing of the Finance Bill 2025 in the parliament.

BJAZ-WEB-ECNF-13113/25

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*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

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%%Above illustration is for Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V03) considering Male aged 25 years | Non-Smoker | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 6,238. 2nd Year onwards premium is Rs. 6,659. Total Premium Paid is Rs. 1,99,349 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly installments (Lumpsum Payout Percentage : 45, Income Payout Percentage : 55) | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. This is inclusive of all the discounts mentioned above.

##Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

@Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^The Return of Premium amount is total of all the premiums received, exclusive of extra premium, rider premium and GST & /any other applicable tax levied, subject to changes in tax laws
Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116


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^Subject to Section 10 (10D) conditions i.e. aggregate annual premium for ULIP policies issued on or after 1st February 2021 does not exceed Rs. 2.5 Lakhs.

1Minimum premium mentioned is applicable for Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01) and is subject to policy terms and conditions.

#Source: https://economictimes.indiatimes.com/investments-marts/eight-crucial-numbers-to-ensure-financial-success/10-times-the-annual-income-is-your-life-insurance/slideshow/16699748.cms . Subject to availability in Bajaj Allianz Life ULIP Plans. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com ) carefully before concluding a sale.

*Benchmark: Nifty 500 Multicap Momentum Quality 50 Index past 5 CAGR Returns, as on 31st December 2024. Past returns of a fund are not necessarily indicative of the future performance of the fund. | Please consult the financial advisor before investing.

The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.

ULIPs are different from the traditional insurance products and are subject to the risk factors. The premium paid in ULIPs are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Bajaj Allianz Life Insurance Company Limited is only the name of the Life Insurance Company and Bajaj Allianz Life Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Allianz Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Allianz Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Allianz Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V01), Bajaj Allianz Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01) and Bajaj Allianz Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V01) are only the name of the unit linked insurance contracts and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com ) carefully before concluding a sale.

Nifty 500 Multicap Momentum Quality 50 Index Fund is available Bajaj Allianz Life Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Allianz Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Allianz Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Allianz Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V01), Bajaj Allianz Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01) and Bajaj Allianz Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V01)

In addition to the already existing funds, Nifty 500 Multicap Momentum Quality 50 Index Fund is now available with the above mentioned products. Customer has an option to choose from other available funds apart from Nifty 500 Multicap Momentum Quality 50 Index Fund.

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I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any Call made, including via Voice over Internet Protocol & WhatsApp, SMS or WhatsApp messages, in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

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