<h1>New Income Tax Slabs Announced: Significant Savings for Individuals, Exemption Up to Rs 12 Lakh, Max Rate 30% Over Rs 24 Lakh.</h1> The recent budget announcement introduces revised income tax slabs under a new regime, offering significant tax savings for individuals. Those earning up to Rs 12 lakh annually will be exempt from income tax, while individuals with incomes of Rs 24 lakh or more can save up to Rs 1.10 lakh. The new tax structure imposes a 5% tax on income between Rs 4-8 lakh, 10% on Rs 8-12 lakh, 15% on Rs 12-16 lakh, 20% on Rs 16-20 lakh, 25% on Rs 20-24 lakh, and 30% on incomes exceeding Rs 24 lakh. The changes aim to provide relief and incentivize higher earnings.