Income up to Rs 1.6 lakh - nil

Income above Rs 1.6 lakh and up to Rs 5 lakh - 10 percent

Income above Rs 5 lakh and up to Rs 8 lakh - 20 percent

Income above Rs 8 lakh - 30 percent.

New tax rates would offer relief to 60 per cent of tax-payers, says Finance Minister Pranab Mukherjee.