Default new tax regime under section 202 sets slab rates, limits deductions, and restricts loss set-off for covered taxpayers. The default new tax regime under section 202 applies to specified persons unless the taxpayer opts out in the prescribed manner. Income is taxed at slab rates, while the regime restricts specified exemptions and deductions, limits set-off of certain carried-forward losses and house property losses, and deems disallowed losses and depreciation to have been fully given effect to. Special modification is provided for a Unit in the International Financial Services Centre, and the opt-out mechanism differs for taxpayers with business or professional income and those without such income.