Finance Minister Nirmala announced tax free for annual income up to ₹12 lakh & tax free up to ₹12.75 lakh including standard deduction. As per the new income tax system, annual income is 0% for ₹0-4 lakh, 5% for ₹4-8 lakh, 10% for ₹8-12 lakh, 15% for ₹12-16 lakh, 20% for ₹16- 20 lakh, ₹20- 24 lakh will be taxed at 24% and income above ₹24 lakh will be taxed at 30%.
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