Do Women Get Higher Tax Benefits? Understanding the Tax Exemption Limit for Females in India

Women in India had a higher basic tax exemption limit compared to men up until 2011-12. But this gender-based benefit was removed in 2012-13, after which the tax slabs for men and women remained the same. 

Despite this, there still remains confusion about differing tax slabs for men and women. So, what is the tax exemption limit for females in India? Let’s get into it.

Do Women Get a Different Tax Exemption Limit?

No, in India, women do not have a separate tax exemption limit anymore. One should note that the tax slabs are the same for both men and women, except for senior citizens and super senior citizens. This is based on age, and not gender.

So, whether you are a salaried woman, a business owner, or a homemaker earning income, your tax exemption limit would remain the same as any other tax payer in the country.

Current Tax Exemption Limits for Females in India

Now, to the main concern, what is the tax exemption limit for females in India? The answer is simple, the exemption limit, whether you’re male or female, depends on the tax regime you choose.

1. Under the New Tax Regime: The basic exemption limit for all is Rs. 3,00,000. If your income is up to Rs. 7 Lakh, it is tax-free under Section 87A rebate.
2. Under the Old Tax Regime: The basic exemption limit for all is Rs. 2,50,000. Under this regime, you can claim deductions like 80C, 80D, HRA, home loan interest, and more.

Senior Women

It is important to note that tax slabs are based on age only, and not gender.

1. Women Aged 60-79 (Senior Citizens): The basic exemption limit under the new and old regime is Rs. 3,00,000.
2. Women Aged 80+ (Super Senior Citizens): The basic exemption limit under the old regime is Rs. 5,00,000 while under the new regime, it remains the same as the other slabs.

Does This Mean Women Get No Tax Benefits?

While women do not receive any exclusive tax benefits, they can still claim deductions available to all taxpayers, such as:

• 80C: PPF, ELSS, LIC, PF (up to Rs. 1.5 lakh)
• 80D: Health insurance
• 80CCD(1B): NPS (extra Rs. 50,000 deduction)
• HRA: For those living in rented homes
• Home loan interest: Section 24(b)
• Standard deduction: Rs. 50,000 for salaried employees

Additionally, several banks and government schemes offer better interest rates for women, such as the Sukanya Samriddhi Yojana or women-specific home loans, indirectly helping women save money.

Takeaways

So, if you’re still wondering, “What is the tax exemption limit for females in India?” you now have the answer. Today, whether you are male or female, your taxes entirely rely on your age, income, and the tax regime you choose.

Despite this, as a woman, you can still reduce your tax burden through smart planning and deductions available under both tax regimes.