Income tax rate slabs under the new tax regime have been reduced to five. Taxpayers earning up to ₹3 lakh/year will pay no tax. Earnings of ₹3-6 lakh will attract a 5% income tax. There'll be a 10% tax on income of ₹6-9 lakh, 15% tax on ₹9-12 lakh, 20% tax on ₹12-15 lakh and 30% on above ₹15 lakh.