People earning ₹9 lakh/year will pay only ₹45,000 in income tax under the new tax regime, Finance Minister Nirmala Sitharaman said during the Union Budget 2023-24 speech. There will be zero tax on earnings of up to ₹3 lakh, 5% tax (₹15,000) on earnings between ₹3-6 lakh and 10% tax (₹30,000) on earnings between ₹6-9 lakh, totalling ₹45,000 in tax.