New Delhi, July 28 -- With the income tax return (ITR) filing season underway, taxpayers need to decide whether to stay with the default new tax regime or opt for the old tax regime.

For FY 2025-26 (Assessment Year 2026-27), the new tax regime remains the default option and has wider tax slabs, a higher standard deduction, and a rebate that makes income up to Rs.12 lakh effectively tax-free, subject to conditions.

The old regime continues to offer several deductions and exemptions, making it beneficial for taxpayers with substantial tax-saving investments and eligible deductions.

These income tax slab rates apply to individual taxpayers (resident or non-resident) who are below 60 years of age at any time during the financial year 2025-...