Tell me about the new Tax regime ?

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Accepted Answer

The new tax regime was introduced in India in 2020, offering taxpayers the option to choose between the old and new tax slabs.

The new tax regime has lower tax rates but fewer deductions and exemptions.
Taxpayers can choose between the old and new tax regimes based on which one is more beneficial for them.
The new tax regime is aimed at simplifying the tax structure and reducing the tax burden on taxpayers.
The new tax regime has seven tax slabs, ranging from 5% to 35%.
Some of the deductions and exemptions that are not available under the new tax regime include HRA, LTA, standard deduction, and chapter VI-A deductions.
The new tax regime is optional and taxpayers can choose to switch to it every year.
The old tax regime still exists and taxpayers can continue to use it if they prefer.

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