Awareness Is Indeed Empowering

In a fast-paced world with increasing number of women entering the mainstream workforce—it is even more essential for them to be prudent in terms of managing finances including income tax. Bearing this in mind, some of the key tax provisions, which a woman should be cognisant of, include the following:   Income tax rates Earlier (up to financial year 2011-12) tax slabs applicable to women were slightly different than that of their male counterparts. However, with changing times tax rate slabs also underwent changes and currently, tax slabs for both category of taxpayers are the same.  Having said that, nevertheless, a woman should evaluate certain specific facts (i.e. level of income, nature and quantum of deductions) to be able to make an informed choice of the existing tax regime or the newly-proposed optional one, as introduced in Budget 2020. Women taxpayers can...