Finance Minister Nirmala Sitharaman announced changes to the tax slabs in New Tax Regime and left Old Tax Regime unchanged. Taxpayers earning up to ₹2.5 lakh/year don't have to pay tax under the old regime. For those earning ₹2.5 lakh-₹5 lakh, 5% tax is charged and 20% on ₹5 lakh-₹10 lakh. Those earning above ₹10 lakh are charged 30% tax.