Income up to Rs 1.2 million: fixed tax slabs for individual taxpayers introduced

The government has introduced fixed tax slabs for individual taxpayers earning income up to Rs 1.2 million per annum. According to income tax rates for individuals introduced through Finance Bill 2018 here on Friday, where the taxable income does not exceed Rs.400, 000, there will be zero tax.
Where the taxable income exceeds Rs.400, 000 but does not exceed Rs 800,000, there will be fixed tax rate of Rs 1000. Where the taxable income exceeds Rs.800, 000 but does not exceed Rs 12, 00,000, there will fixed tax rate of Rs 2000.
Where the taxable income exceeds Rs.12, 00,000 but does not exceed Rs.24, 00,000, there will be tax rate of 5 percent of the amount exceeding Rs.12, 00,000.
Where the taxable income exceeds Rs.24,00,000 but does not exceed Rs.48,00,000, there will be fixed Rs. 60,000 + 10% of the amount exceeding Rs.24,00,000. Where the taxable income exceeds Rs.48, 00,000, there will be fixed tax rate of Rs. 300,000 + 15% of the amount exceeding Rs.48, 00,000.