New Delhi, Feb. 1 -- The government on Saturday explained how the tax reforms, proposed under the new income tax slabs, will benefit the middle class and ease the tax burden for them.

Here are some of the FAQs and their answers, as shared by the government, which aim to clear the doubts in the minds of taxpayers.

Q.1. What is the 'New Regime'?

Ans. The new regime provides for concessional tax rates and liberal slabs. However, no deductions are allowed in the new regime (other than those specified for example: 80JJAA, 80M, standard deduction).

Q.2. What are the tax slabs in the earlier new regime?

Ans. The Finance (No.2) Act, 2024 had the following slabs in the new tax regime for a person, being an individual or Hindu undivided family...