New Delhi, June 9 -- As the income tax return (ITR) filing season for AY 2026-27 is underway, taxpayers choosing the new tax regime should understand the list of exemptions and deductions available to them so that they can file their ITRs correctly and reduce their taxable income.

While the old tax regime offers a wider range of exemptions and deductions, the new tax regime still provides several tax benefits. So, let's understand the tax rates applicable under the new tax regime, along with the various exemptions and deductions that taxpayers can still claim.

Here are the income tax rates applicable to individuals below 60 years of age under Section 115BAC.

Under the new tax regime, taxpayers get a basic exemption limit of Rs.4 lakh a...