Filing ITR? Check different tax slabs and rates in new income tax regime

The new, concessional tax regime, on the other hand, offers lower tax rates than the old tax regime.

New Delhi: The new income tax regime was launched by the government in 2020. Individuals in the old tax regime were eligible to claim deductions such as section 80C, section 80D, and so on of the Income-tax Act of 1961, as well as tax exemptions such as house rent allowance, LTC Cash Voucher Scheme, and so on, but they must forego the same under the current regime.

The new, concessional tax regime, on the other hand, offers lower tax rates than the old tax regime. Individuals who are undecided about which tax system to choose should review the most recent tax rates and slabs applicable under the regime.

Income tax rates and slabs in new tax regime for FY 2021-22

Up to 2,50,000 – Nil

From 2,50,001 to 5,00,000 – 5 per cent