Budget proposes to increase tax-free income limit to ₹4 lakh from the current ₹3 lakh. Proposed slabs are- 5% on ₹4 lakh-₹8 lakh, 10% on ₹8 lakh-₹12 lakh, 15% on ₹12 lakh-₹16 lakh, 30% on over ₹24 lakh. Current slabs are- 5% on ₹3 lakh-₹7 lakh, 10% on ₹7 lakh-₹10 lakh, 15% on ₹10 lakh-₹12 lakh, 30% over ₹15,00,000.