Finance Minister Nirmala Sitharaman on Tuesday announced new tax slabs in New Tax Regime and increased standard deduction from ₹50,000 to ₹75,000. Sharing an illustration, the government stated that people with ₹10 lakh annual income will save ₹10,400 after the increased standard deduction. Those earning ₹15 lakh, ₹20 lakh and ₹25 lakh will save ₹15,600, ₹18,200 and ₹18,200, respectively.