New tax slabs introduced: Income up to ₹3 lakh - Nil, ₹3-7 lakh - 5%, ₹7-10 lakh - 10%, ₹10-12 lakh - 15%, ₹12-15 lakh - 20%, above ₹15 lakh - 30%.
Standard deduction increased from ₹50,000 to ₹75,000 under the new tax regime. This could mean more take-home pay for salaried employees.
Long-term capital gains on all assets now taxed at 12.5%. Annual exemption limit set at ₹1.25 lakh
Salaried employees can save up to ₹17,500 in income tax with the revised tax rates.
Family pension deductions see a hike of ₹10,000, making it ₹25,000 under the new tax regime, aiding pensioners significantly.