To simplify this Rs. 12 lakh Nil tax issue :

To simplify this 12 lakh Nil tax issue : 

➡️Suppose your income is upto 12 Lakhs 

➡️You pay 0 for the first 4L 

➡️From 4Lakh - 8Lakh  i.e the next 4Lakh, 

you pay 5% tax = 20,000. 

➡️From 8Lakh - 12 lakh i.e. another 4Lakh, 

you pay 10% tax = 40,000. 

➡️Total Tax Payable= 60,000

➡️Standard Deduction rebate = 75,000. 

So effectively , post rebate there is no tax for income upto Rs. 12 lakhs 

All this is under the new tax regime