India, March 21 -- The new income tax regime will feature the revamped tax slabs from April 1, 2025 onwards, with individuals not requiring to pay any tax if their income does not exceed Rs.12 lakh.

However, this is only if the person chooses the new regime. Some people opt for the old tax regime due to the slew of deductions and exemptions it offers in certain cases.

Despite this, many of those who use the old regime may consider switching to the new one since the Union Budget 2025 has substantially brought down the slab rates for incomes up to Rs.24 lakh.

a) Employee's contribution to the Employees Provident Fund under Section 80C.

b) Exemption on leave travel allowance (LTA) up to a certain extent.

c) Exemption on house rent allow...