Govt cuts income tax rates, income between ₹5-7.5 lakh to be taxed at 10%

The government said that under new personal tax regime, income between ₹5-7.5 lakh will be taxed at 10% compared to 20% now and income of ₹7.5-10 lakh will be taxed at 15% instead of 20%. Those earning between ₹12.5 lakh to ₹15 lakh will pay 25% tax against 30%. New rates can be availed by those giving up certain deductions.