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The new tax regime has widened the scope of taxation with seven tax slab rates ranging from 0% to 30% with the highest tax rate applicable on income above INR 15 lakh. While, there were only four tax slabs in the old regime from 0% to 30% with the maximum rate applicable on income above INR 10 lakh.
There won’t be any benefits due to investments in tax saving instruments, Like - pays premiums on life or a medical insurance policy, children’s school fee, home loan principal repayment, etc., as well as for HRA, LTA, etc. in new tax regime.
