Under the new tax regime, individuals earning 24 lakh rupees or more annually could save one lakh ten thousand rupees in income tax, while those with an income of twelve lakh rupees will pay no tax, gaining a benefit of eighty thousand rupees from the next fiscal year.

Finance Minister Nirmala Sitharaman, in her Budget announcement, exempted individuals earning up to twelve lakh rupees per year from income tax and restructured the tax slabs. For salaried employees, the nil tax limit will be twelve lakh seventy five thousand rupees per annum, factoring in a standard deduction of seventy five thousand rupees.

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