What are the new income tax rates that can be availed by giving up deductions?

The new reduced income tax rates are optional and are available to those who are willing to give up certain deductions and exemptions. Finance Minister Nirmala Sitharaman added that currently 100 deductions/exemptions exist, out of which around 70 have been removed in the new regime. The government will forego ₹40,000 crore per annum in revenue from new income tax rates.