FM Nirmala Sitharaman has changed income tax slabs and cut income tax rates for earnings up to Rs 15 lakh per year, making it optional for taxpayers who will then have to let go of exemptions and deductions. As per the new income tax structure, those earning up to Rs 5 lakh will not have to pay any tax. Here’s a look at the new tax slabs and rates: 10 per cent for income between Rs 5 lakh-7.5 lakh. 15 per cent for income between Rs 7.5 lakh-10 lakh. 20 per cent for income between Rs 10-12.5 lakh. 25 per cent for income between Rs 12.5 -15 lakh. 30 per cent for income above Rs 15 lakh. Watch full bulletin.