New Income Tax Slab:
Income up to Rs 1.6 lakh - nil
Income above Rs 1.6 lakh and up to Rs 5 lakh - 10 per cent
Income above Rs 5 lakh and up to Rs 8 lakh - 20 per cent
Income above Rs 8 lakh - 30 per cent.
Additional deduction of Rs 20,000 allowed on long term infrastructure bonds for income tax payers; this is above Rs one lakh on saving instruments allowed already.
To Check how much Tax you are actually going to save with this new Slab, head to:
Indian's Investor Page.