As of my last knowledge update in September 2021, India had introduced a new tax regime called the New Regime under the Union Budget 2020. This new tax regime offered reduced income tax rates, but it came with the condition that taxpayers forgo most deductions and exemptions available in the old regime. The New Regime aimed to simplify the tax system and reduce the tax burden on individual taxpayers. However, it offered less room for tax-saving investments and deductions like those available under the old regime. Taxpayers had the option to choose between the old and new regimes based on their financial preferences and needs. It’s essential to consult with a tax professional or refer to the latest updates for any changes to the tax regime in India since my last knowledge update.