The calculation of income tax that you are liable to pay under the new tax regime can be explained with an example. Suppose your total income in FY 2020-21 is Rs 16 lakh. … S. No.Income slabsIncome tax rate (%)1Up to Rs 2.5 lakhNil2Between Rs 2,50,001 and Rs 5 lakh5%3Between Rs 5,00,001 and Rs 7.5 lakh10%How to calculate income tax for FY 2020-21 – The Economic Times economictimes.indiatimes.com › wealth › tax › articleshow