The old tax regime has four tax slabs:
| Income Slab | Tax rate |
| Up to Rs. 2.5 Lakh | No tax |
| Rs. 2.5 to 5 Lakh | 5% |
| Rs. 5 to 10 Lakh | 20% |
| Above Rs. 10 Lakh | 30% |
If net income after all deductions and exemptions does not exceed Rs. 5 lakh, there is full tax relief under Section 87A. Salaried tax payers also get Rs. 50,000 standard deduction.
The new tax regime has six tax slabs:
| Income Slab | Tax rate |
| Upto Rs.3 lakh | No tax |
| Rs. 3 to 7 lakh | 5% |
| Rs. 7 to 10 lakh | 10% |
| Rs. 10 to 12 lakh | 15% |
| Rs. 12 to 15 lakh | 20% |
| More than 15 lakh | 30% |
If net income does not exceed Rs. 7 lakh, there is full tax relief under Section 87A. Salaried taxpayers get Rs. 75,000 standard deductions under new tax regime.
