Exemption-less income tax regime under review, could see changes

The scheme offers lower tax rates of 5%, 10%, 15%, 20%, 25% and 30%, with the peak rate applicable to incomes of more than Rs 15 lakh. The regular regime with exemptions has three slabs (5%, 20% and 30%) and the peak rate is levied on incomes of more than Rs 10 lakh.