New Tax Regime
Definition
Default tax regime (from AY 2024-25) with simplified lower tax slabs and no itemized deductions (except standard deduction of ₹75K for salaried individuals and a few others).
In Context
New Regime slabs (FY 2025-26): 0% up to ₹4L; 5% ₹4–8L; 10% ₹8–12L; 15% ₹12–16L; 20% ₹16–20L; 25% ₹20–24L; 30% above ₹24L. Section 87A rebate available if income ≤ ₹7L. No 80C, 80D, 80G, HRA, LTA deductions allowed.
Related Terms
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