What is the income tax slab for ladies 2021 22?

New Income Tax Slab for FY 2020-21 & AY 2021-22

Annual Income New Tax Regime Old Tax Regime
Rs.5 lakh – Rs.7.5 lakh 10% 20%
Rs.7.5 lakh – Rs.10 lakh 15% 20%
Rs.10 lakh – Rs.12.5 lakh 20% 30%
Rs.12.5 lakh – Rs.15 lakh 25% 30%

What is the maximum limit of Section 80C for female?

₹1.5 Lakh
Income Tax Exemptions for Women. Following are some of the exemption limits applicable for income tax payment, as mentioned under Section 80 of the Income Tax Act: Section 80C – You can avail an exemption of up to ₹1.5 Lakh for your earnings from the following: 5-year tax-saver fixed deposits.

What is the income tax exemption limit?

Individuals with Net taxable income less than or equal to Rs 5 lakh will be eligible for tax rebate u/s 87A i.e tax liability will be nil of such individual in both – New and old/existing tax regimes. Basic exemption limit for NRIs is of Rs 2.5 Lakh irrespective of age. 25% of Income tax if total income > Rs.2 crore.

What is the income tax exemption limit in India?

According to the current tax laws that are applicable in India, the income tax rate that is levied on the resident individuals in our country varies according to their income and age. Now, if you are below 60 years of age, with an annual income which does not exceed Rs. 2.5 Lakh, you can enjoy tax exemption in India.

What are current income tax slabs?

Income Tax Slabs and Rates for Financial Year: 2019-20

Income Tax Slab Individuals below the age of 60 years
Up to `2,50,000 Nil
2,50,001 to 5,00,000 5%
5,00,001 to 10,00,000 12,500 + 20% of total income exceeding 5,00,000
Above 10,00,000 1,12,500 + 30% of total income exceeding 10,00,000

What amount is tax free?

Therefore, under the new tax regime, basic exemption limit will remain Rs 2.5 lakh for all taxpayers.” Do keep in mind that only individuals having no business income in a financial year are eligible to choose between both the tax regimes every year.

Who is exempt from income tax?


Age of an individual Basic exemption limit under old tax regime (Rs)
Below 60 years of age 2,50,000
Between 60 and 80 years of age (Senior citizen) 3,00,000
80 years and above (Super Citizen) 5,00,000

What is the tax exemption limit for females in India?

Presently, there is no specific income tax exemption for women. Those having total income of up to Rs 5 Lakh are eligible for a tax rebate of up to Rs. 12,500 on their taxes.

Are there any tax exemptions for women in the US?

Therefore, currently there are no income tax exemptions specifically for women. Some states offer concession on stamp duty charges if a property is registered in the name of a woman.

Is there an exemption limit for income tax?

Under the existing/old tax regime, the basic tax exemption limit for an individual depends on their age and residential status. Here is a look at the latest income tax slabs for FY 2021-22 under old tax regime: (Your legal guide on estate planning, inheritance, will and more.

Which is the new income tax slab for women?

Income Tax Slab For Female for AY 2021-22 – Here is the applicable income tax slab for ladies taxpayers for 2020-21 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%

What is the tax exemption for women in Mumbai?

Women employees can now claim reimbursement for day-care expenses until the child turns six. This is up to Rs 18,000 per month in Mumbai, Rs 13,500 per month in National Capital Region, Bengaluru and Pune and Rs 10,000 in other cities.