New Delhi/IBNS, Feb. 1 -- Union finance minister on Saturday announced revised Income Tax slabs delivering the Modi government's first full budget since returning to power for the third term.

Muting the critics and opposition parties, Sitharaman announced no tax will be payable for income of Rs. 12 lakh per year under the new tax regime in a massive relief to the middle class.

New tax regime

0-4 lakh - 0 4-8 lakh - 5 percent 8-12 lakh - 10 percent 12-16 lakh - 15 percent 16-20 lakh - 20 percent 20-24 lakh - 25 percent Over 24 lakh - 30 percent

Sitharaman on Friday announced that the new Income Tax bill will be introduced next week.

Sitharaman said the new bill will be a lot simpler for the taxpayers to understand.

The 1961 Act, whic...