New Delhi, April 15 -- As the financial year has ended, taxpayers will now begin gathering their documents to file their income tax returns (ITR) before the deadline of July 31, 2025.

Just like last year, one key question taxpayers must ask themselves is whether the new tax regime is the right choice for them. The new regime offers concessional tax rates but does not allow deductions under various provisions such as Sections 80C, 80D, 80DD and 80G, among others.

Here's a guide to help you make an informed decision about which tax regime to choose.

Under the new tax regime, no income tax is payable on income up to Rs.7 lakh, thanks to the rebate under Section 87A. For higher-income earners, tax is calculated based on slab rates. There i...