Taxpayers will benefit from reduced tax burdens due to changes in the income tax rules.

The government has introduced significant changes to the latest tax structure. The standard deduction has been increased from Rs 50,000 to Rs 75,000. Pensioners will also benefit as the deduction on family pension has been raised from Rs 15,000 to Rs 25,000.

In the revised tax regime, the tax slabs are adjusted as follows:

• Income up to Rs 3 lakh: No tax
• Income between Rs 3 lakh and Rs 7 lakh: 5% tax
• Income between Rs 7 lakh and Rs 10 lakh: 10% tax
• Income between Rs 10 lakh and Rs 12 lakh: 15% tax
• Income above Rs 15 lakh: 30% tax