The new tax regime is the default tax regime. Currently, the highest tax rate of 30% is applicable from net taxable income above Rs 15 lakh. However, the new tax regime offers limited deductions to taxpayers.

Learn about the new and old tax regimes, including tax rates and surcharges applicable to various income levels.

Union Finance Nirmala Sitharaman while presenting Union Budget 2025-26 said the government will introduce a New Income Tax Bill next week