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New tax regime

Lower slabs and higher standard deduction — most VI-A deductions not allowed.

Deep dive guide

Read the full article on New tax regime

See also

Old tax regime — Higher slabs but full Chapter VI-A deductions and HRA exemption.
Rebate u/s 87A — Tax rebate for lower incomes — up to ₹12,500 (old) or full rebate up to ₹12L (new).
Standard deduction u/s 16(ia) — Flat deduction from salary — ₹50,000 (old) or ₹75,000 (new regime).

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New tax regime · LastMinute ITR