New Delhi, April 17 -- The new financial year FY26 has kicked off, and taxpayers are meant to file their income tax returns under one of the two regimes. Mint deconstructs the key points to be considered before choosing the new or old income tax regimes.

For the unversed, the new income tax regime offers concessional tax rates in exchange for non-entitlement of most income tax deductions, such as section 80C, 80D and 80DD, among others.

Both tax regimes have their pros and cons. Which one you choose is a function of your profile and the investments you make. For instance, if you fall under the high tax bracket and are entitled to fewer tax deductions, the new tax regime makes more sense.

Conversely, when you have invested in a large nu...