New income tax rules have a catch
No income tax will be payable if your taxable income does not exceed ₹7,00,000.
But, if your total taxable income is above ₹7,00,00, you will have to pay income tax on the income exceeding ₹3,00,000.
Thus, God forbids, if your taxable income exceeds the tax-free limit by just ₹50,000, Govt will take ₹31,200 out of it.
Check this illustration.
(Keep in mind, if you aren’t a salaried employee, you are not entitled to standard deduction of ₹50,000) more