Taxpayers earning up to ₹3 lakh/year won't have to pay tax in the new regime, Finance Minister Nirmala Sitharaman announced while presenting the Union Budget. Meanwhile, 5% income tax will be levied on ₹3-7 lakh income, 10% on ₹7-10 lakh, 15% on ₹10-12 lakh and 20% on ₹12-15 lakh. 30% tax will be levied on income above ₹15 lakh.