What is the income tax slab for ladies?
Income Tax Slab for Women (below 60 years of age) – FY 2019-20
| Income Tax Slabs | Rate of Tax |
|---|---|
| For income up to ₹2.5 Lakh | Nil |
| For income ranging between ₹2,50,001 and ₹5 Lakh | 5% of the total income above ₹2,50,000 |
| For income ranging between ₹5,00,001 and ₹10 Lakh | ₹12,500+ 20% of the total income above ₹5 Lakh |
What is the tax exemption limit for ladies?
Income Tax Slabs for Women Below 60 Years (AY 2022-23):
| Income Tax Slabs | Rate of Income Tax |
|---|---|
| Up to Rs 2,50,000 | Nil |
| Rs 2,50,001 to Rs 5,00,000 | 5% above Rs 2,50,000 |
| Rs 5,00,001 to Rs 7,50,000 | Rs 12,500 + 20% above Rs 5,00,000 |
| Rs 7,50,001 to Rs 10,00,000 |
What is the maximum limit of Section 80C for female?
Under Section 80C of the Income Tax Act, deductions of up to ₹1,50,000 can be claimed on life insurance, PPF, stamp duty, and registration charges, five-year bank deposits, Senior Citizens Savings Scheme, home loan repayment, NPS, and RGESS.
Is standard deduction applicable for housewife?
A housewife, who is not having any income under the head “Salaries”, is not eligible to claim the standard deduction of Rs 40,000.
What is the tax exemption limit?
Income tax exemption limit is up to Rs. 3,00,000 for senior citizen aged above 60 years but less than 80 years….
| Income Tax Slab | Individuals Below The Age Of 60 Years – Income Tax Slabs |
|---|---|
| Up to Rs 2.5 lakh | NIL |
| Rs. 2.5 lakh -Rs. 5 lakh | 5% |
| Rs 5.00 lakh – Rs 10 lakh | 20% |
| > Rs 10.00 lakh | 30% |
Who is eligible for deduction under section 80C?
Section 80C of Income Tax Act is applicable only for individual taxpayers and Hindu Undivided Families. Corporate bodies, partnership firms, and other businesses are not qualified to avail tax exemptions under Section 80C.
What is slab rate in income tax?
₹12500 + 10% of total income exceeding ₹5,00,000. ₹12500 + 20% of total income exceeding ₹5,00,000. ₹7,50,001 – ₹ 10,00,000. ₹37500 + 15% of total income exceeding ₹7,50,000. ₹62500 + 20% of total income exceeding ₹7,50,000.
How is housewife tax calculated?
For example, if the sum received by a housewife from her husband is invested in her name, the rule of clubbing of income will apply….This post was written by Sanjay Muthukumar.
| Taxable Income Range (In Rs.) | Tax Rate before Budget 2020 (Existing) | Tax Rate Post Budget 2020 |
|---|---|---|
| 12.5-15 lakh | 30% | 25% |
| Above 15 lakh | 30% | 30% |
Is wife’s income is taxable?
If you are married and either of you is a homemaker and has no income, it is common for this person to receive some money to take care of personal expenses. This has no income tax implications and is not considered as an income in the receiver’s hands.
