The new tax regime was first introduced in Union Budget 2020-21 by inserting a new section, 115BAC, in the Income Tax Act for individuals and Hindu Undivided Families (HUFs).

T he new income tax slabs under the new tax regime proposed in Budget 2025 - with a tax rebate of Rs 60,000 on income up to Rs 12 lakh (and Rs 12.75 lakh for salaried people) under Section 87A ...