What are income tax rates and slabs under the new tax regime?

• March 10, 2021
• CA Chandan Agarwal's Office

From FY 2020-21, taxpayers can choose between two income tax regimes – the existing/old tax regime and the new, concessional one. By opting for the existing tax regime, the taxpayer can continue to avail existing deductions such as section 80C, section 80D etc. of the Income-tax Act, 1961 and tax exemptions like house rent allowance, LTC Cash Voucher Scheme etc. Although the new, concessional tax regime offers lower tax rates as compared to the old tax regime, by opting for the new regime the ta ..