Last Updated:
The income tax department extended the FY2024-25 tax filing deadline to September 15, 2025, due to changes in utility forms.
The ITR Filing date has been extended to September 15. (Representative Image)
Income Tax Return 2025: The income tax department has already extended the deadline for tax filing for FY2024-25 (assessment year FY2025-26) to September 15, 2025 from July 31, 2025. The tax department linked the changes in the utilities forms for FY2024-25 as a major reason for the delay in the release of these utilities, leading to the extension of the deadline for this filing year.
One of the key confusions among taxpayers is on the tax rebate under the new tax regime.
The changes in the new tax regime—especially the tax rebate on income up to Rs 12 lakh—will only come into effect from the financial year 2025–26, starting April 1, 2025. This means that the income earned between April 1, 2024, and March 31, 2025, won’t be eligible for these new benefits. So, if you’re filing your ITR in July 2025, the old tax rules still apply.
Income Tax Slabs and Rates for FY2024-25 (AY2025-26)
Income Tax Slabs for FY 2024-25 (New Regime)
| Income Range (₹) | Tax Rate |
|---|---|
| 0 – 3,00,000 | Nil |
| 3,00,001 – 7,00,000 | 5% |
| 7,00,001 – 10,00,000 | 10% |
| 10,00,001 – 12,00,000 | 15% |
| 12,00,001 – 15,00,000 | 20% |
| Above 15,00,000 | 30% |
Standard deduction increased to Rs 75,000 (up from Rs 50,000). Rebate under Section 87A available for income up to Rs 7 lakh — no tax payable if total income is within this limit.
Income Tax Slabs for FY 2024–25 (Old Regime)
| Income Range (Rs) | Tax Rate |
|---|---|
| 0 – 2,50,000 | Nil |
| 2,50,001 – 5,00,000 | 5% |
| 5,00,001 – 10,00,000 | 20% |
| Above 10,00,000 | 30% |
Allows popular deductions like 80C, 80D, HRA, home loan interest (Sec 24b). HRA continues to be a significant factor in deciding whether to opt for the old regime.
There’s no one-size-fits-all approach; it needs to be customised based on your income and deductions. Experts advise comparing both regimes before filing. For instance, individuals with a significant HRA component may find the old regime more beneficial, Balwant Jain, a Mumbai-based chartered accountant, told Moneycontrol.
For FY 2024–25, the old tax regime—with its range of exemptions and deductions—can lead to a much lower tax outgo for those who have planned their finances well. If you’ve invested in options under Section 80C like PPF, ELSS, life insurance, or paid tuition fees for your children, you can claim deductions up to Rs 1.5 lakh. On top of that, you can avail benefits like health insurance premiums under Section 80D, home loan interest deduction under Section 24(b), HRA exemptions if you live in rented housing, and a standard deduction of Rs 50,000. Put together, your total deductions could easily cross Rs 3–4 lakh.
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
view comments
- First Published:
Source link
[ad_3]
