New income tax slab: New tax regime under

New tax regime under section 115BAC of the Income Tax Act was introduced in the 2020 budget by Finance Minister Nirmala Sitharaman with an aim to offer a simplified tax structure with lower tax rates but fewer deductions and exemptions compared to the old regime. For FY 2025-26, the new tax regime effectively allows up to Rs 12 lakh tax free income , due to increase of rebate up to Rs 60,000. The income tax Latest income tax slabs FY 2025-26: Finance Minister Nirmala Sitharaman announced sweeping changes in the new income tax regime, announcing revamped income tax slabs and income tax rates for the salaried taxpayers, individual taxpayers, common man and middle class. Explore the updated income tax slabs for FY 2025-26 . Compare the new and old regimes, and find out which one saves you more tax.