Income Tax Return (ITR)
for AY 2025-26: New vs. Old Tax Regime Slab Rates
Filing your Income
Tax Return (ITR) requires understanding the applicable tax
slab rates under both the New Tax Regime (Default from FY
2023-24) and the Old Tax Regime.
This blog covers:
✔ Who must file
ITR?
✔ ITR forms &
applicability
✔ Tax slab rates
under both regimes for AY 2025-26 (FY 2024-25)
✔ Due dates for
ITR filing
1. Who Must File an
Income Tax Return (ITR)?
Mandatory if:
✅ Gross income
exceeds ₹2.5 lakh (₹3 lakh for seniors 60-80, ₹5 lakh for 80+)
✅ Businesses,
companies, or freelancers (even with losses)
✅ Foreign assets
or income
✅ Claiming a tax
refund
✅ High TDS/TCS
deductions
Note: Even
if income is below exemption, filing helps with loans, visas, or refunds.
2. ITR Forms &
Applicability for AY 2025-26
|
ITR Form |
Applicable To |
|
ITR-1 (Sahaj) |
Salaried (income ≤
₹50L) – Salary, 1 house, interest |
|
ITR-2 |
Individuals/HUFs
with capital gains, multiple properties, foreign income |
|
ITR-3 |
Business income,
professionals (freelancers, partners) |
|
ITR-4 (Sugam) |
Presumptive income
(U/s 44AD/44ADA) ≤ ₹50L |
|
ITR-5-7 |
Firms, LLPs,
companies, trusts |
3. Income Tax Slabs for
AY 2025-26 (FY 2024-25)
A. New Tax Regime
(Default from FY 2023-24)
(No deductions under 80C,
HRA, etc.)
|
Income Range |
Tax Rate |
|
Up to ₹3 lakh |
0% |
|
₹3-6 lakh |
5% |
|
₹6-9 lakh |
10% |
|
₹9-12 lakh |
15% |
|
₹12-15 lakh |
20% |
|
Above ₹15 lakh |
30% |
B. Old Tax Regime (Opt-in
Required)
(Allows 80C, HRA, etc.)
|
Income Range |
Tax Rate |
|
Up to ₹2.5 lakh |
0% |
|
₹2.5-5 lakh |
5% |
|
₹5-10 lakh |
20% |
|
Above ₹10 lakh |
30% |
Senior Citizens (60-80): ₹3L
exemption
Super Seniors (80+): ₹5L
exemption
Surcharge & Cess
(Both Regimes)
- Surcharge: 10%
(>₹50L), 15% (>₹1Cr), 25% (>₹2Cr), 37% (>₹5Cr)
- Health & Education Cess: 4%
4. Key Differences: New
vs. Old Regime
|
Factor |
New Regime |
Old Regime |
|
Deductions (80C,
HRA, etc.) |
❌ Not allowed |
✅ Allowed |
|
Tax Slabs |
6 brackets (lower
rates) |
4 brackets |
|
Best For |
Low-investment
earners |
Those with
deductions |
Tip: Use
the Income Tax Calculator to compare liabilities.
5. Due Dates for ITR
Filing (AY 2025-26)
|
Category |
Deadline |
|
Individuals (No
Audit) |
31st July 2025 (extended :30th
September,2025) |
|
Businesses (Audit
Required) |
31st October
2025 |
|
Revised/Belated ITR |
31st December
2025 |
Late Fees: ₹5,000 (after Sept 15) | ₹10,000 (after Dec 31, max ₹1,000 if income < ₹5L).
Final Takeaways
- New Regime: Simpler,
fewer deductions, lower rates for some.
- Old Regime: Better
if you have investments (e.g., PPF, ELSS, HRA).
- File early to
avoid penalties and speed up refunds!
📌 E-file at: www.incometax.gov.in
#TaxSlabs #NewVsOldTax
#ITR2025 #TaxPlanning #SaveTax
Need help choosing a
regime? Consult a CA or comment below!
No comments:
Post a Comment