New tax rates will be implemented w.e.f.01.01.2017

New tax rates will be implemented w.e.f.01.01.2017 for salaried people. e.g. Income Tax for annual income of 7lacs will be as,
1)upto 4 lacs ~ IT=0%
2)For next 1lac @2% ~ IT = Rs.2000.
3)For next 2 lacs @Rs.2000+5% ~ IT=2000+10,000=Rs.12,000.
Hence total IT will be =1+2+3
=0+2000+12000
=14,000.
(excluding your annual deductions claimed under IT benefits.)
And thats it.