The new pay scales have been notified by MHRD for IIT/IISc/IISER. The major change (and excellent news) from the previous notification is that assistant professors will move to PB-4 after three years of service. However, if my interpretation is correct, only
people with 3 years experience and Ph.D can be recruited as assistant professors. This is not good because engineering departments will find it difficult to find candidates with three years experience.
Update: I had been travelling and did not have access to internet to post the fitment table for new AP. Knowledgeable readers like iitmsriram please correct the table, if you find anything wrong. I have not included allowances like HRA (30%, if you live in metros), academic allowances, telephone reimbursement etc. TA quoted here is based if you live in metros. Please note that the years need not be post-Ph.D, it could be any experience except the experience during your Ph.D
Continuous increment of 3% of Basic+AGP will ensure that one will reach the end of the scale of 67,000 at the end of 23 years, if never promoted (see orange columns). If promoted to professor under the IISc scheme of 6 years as assistant professor followed by six years as associate professor (see green columns), one will reach the end of the scale at the end of 21 years. The only difference will be in the grade pay.
PS: IITMsriram points out that the 3% increments are to be rounded up to the next highest multiple of 10 so that the pay will always be a multiple of 10. But because the table is generated in spreadsheet in google docs, I do not know how to do it automatically.