Standard deduction in the new tax regime will be increased from ₹ 50,000 to ₹ 75,000
The revised slabs are as follows:
Income up to ₹ 3 lakh - Nil
Rs 3 lakh to ₹ 7 lakh - 5 %
Rs 7 lakh to ₹ 10 lakh - 10%
Rs 10 lakh to ₹ 12 lakh - 15%
Rs 12 lakh to ₹ 15 lakh - 20%
Above ₹ 15 lakh - 30%
As a result, Ms Sitharaman said, ₹ 17,500 will be saved by those opting for the new regime.
The revised slabs are as follows:
Income up to ₹ 3 lakh - Nil
Rs 3 lakh to ₹ 7 lakh - 5 %
Rs 7 lakh to ₹ 10 lakh - 10%
Rs 10 lakh to ₹ 12 lakh - 15%
Rs 12 lakh to ₹ 15 lakh - 20%
Above ₹ 15 lakh - 30%
As a result, Ms Sitharaman said, ₹ 17,500 will be saved by those opting for the new regime.