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The new regime under section 115BAC offers low tax rates but also eliminates some of the tax exemptions nd deductions. In contrast, the old tax regime retains these tax exemptions and deductions.
No, the new tax regime is the default tax regime; however, both Indian residents and non-resident Indians can opt for the old tax regime as well.
For the financial year 2025-2026, income up to 12 lakh is tax-free, with incremental slab rates above that of up to 30%.
Yes, but only under the old regime. The new regime allows limited deductions, except for a few specified ones, such as the employer's NPS contribution.
From the financial year 2024-2025 onwards, the standard deduction is Rs. 75,000, which is available in both the tax regimes for salaried taxpayers; however, this is typically not applicable to most of the NRIs.
By Pankaj Shaw |Last Updated: September 26, 2025
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