We all started listening to the budget speech with a long wish list and zero expectations! However, the middle class was in for a surprise. Of the long speech by FM Nirmala Sitharaman, our attention was caught by the last line,”Up to 12 lakhs no tax.” Let's delve deeper into the devil called details of the statement ‘up to 12 lakhs no tax’. (If you know the details skip to the next segment) This is applicable to the new tax regime only. The slab is not starting from 12 lakhs. Simply put, not everyone gets zero tax till 12 lakhs! For less than 12 lakhs. Congratulations! While filling the return you'll get a full tax rebate (rebate is like a discount coupon that you can apply when you file your taxes). So zero tax. 12 to 12.75 lakhs: To ensure fairness for those whose income is just above 12 lakhs (up to 12.75 lakhs), a marginal relief is provided. (Marginal relief is like grace marks that is given to students who fail the test with a mere 1 or 2 marks) Rebate is not applicable ...