Slabs Revised For New Regime, No Tax On Income Up To Rs 4 Lakh

Good news for the middle class. The government has revised the tax slabs and rates under the new regime to reduce the burden for all taxpayers.
Tax Slabs

Up to Rs 4 Lakh: Nil

Rs 4-8 lakh: 5%

Rs 8-12 lakh: 10%

Rs 12-16 lakh: 15%

Rs 16-20 lakh: 20%

Rs 20-24 lakh: 25%

Above Rs 24 lakh: 30%

Those earning up to Rs 12 lakh annually won’t have to pay any income tax under the new regime. Add to it the standard deduction of Rs 75,000 and taxpayers with up to Rs 12.75 lakh annual income will have to pay zero tax.

The new structure will substantially reduce taxes of middle class and leave more money in their hands, boosting household consumption, savings, and investment, the government said.