*New Tax Slabs announced by Nirmala Sitharaman Garu* 🔥No tax till 12 lakhs If your salary is more than 12 lakhs this will apply 0-4 lakh - NIL 4-8 lakh - 5% 8-12 lakh - 10% 12-16 lakh - 15% 16-20 lakh -20% 20-24 lakh - 25% Above 24 lakh - 30 per cent The government has announced a progressive tax slab system. This means: 1. If your total income is ₹12 lakh or below, you don’t have to pay any tax. 2. If your total income exceeds ₹12 lakh, then tax is applied only on the portion that is above ₹12 lakh, following the new tax slabs. Let's Understand this with a clear example: Let's say your annual income is ₹18 lakh. Here's how the tax is calculated: 1. ₹12 lakh is tax-free (as per the rule). 2. The remaining ₹6 lakh (i.e., ₹18L - ₹12L) is taxed as follows: ₹12L - ₹16L (₹4L) → 15% tax → ₹60,000 ₹16L - ₹18L (₹2L) → 20% tax → ₹40,000 Total Tax Payable = ₹60,000 + ₹40,000 = ₹1,00,000