The new Income Tax slabs

F

There will be no tax for income up to Rs 1.6 lakh (earlier slab was Rs 1.6 - 3 lakh)

For income between Rs 1.6-5 lakh, the tax liability will be 10 per cent (earlier slab was Rs 3-5 lakh).

For income between 5 lakh - 8 lakh, the tax liability will be 20 per cent (earlier slab was 5 lakh)

Individuals with income of above 8 lakh will have tax liability of 30 per cent.