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30 lakh salary doesn't mean a 30% tax rate: Here's why effective tax rate is just 15.86% under new tax regime

A 30 lakh annual salary doesn't mean your entire income is taxed at 30%. After the 75,000 standard deduction under the new regime, slab-wise taxation, and a 4% health and education cess, the total tax liability comes to 475,800, resulting in an effective tax rate of just 15.86%.