Filing an ITR is mandatory for all taxpayers who come under the income tax net. With the start of new assessment year 2025-26, salaried and other taxpayers can now file their tax returns for the financial year just gone by. Like previous years, the ITR filing deadline is likely to be 31st July this year. However, taxpayers whose accounts need audit will have time till 31st October, 2025. But one must remember that these deadlines can be extended if need arises under exceptional occurrences.
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The filing of income tax return (ITR) is compulsory for those individuals whose annual income is above the basic exemption limit. According to the Old Tax Regime, the basic exemption limit is still Rs 2.5 lakh for general taxpayers under 60 years of age. For senior citizens, this limit is Rs 3 lakh. Under the New Tax Regime, the exemption limit is Rs 4 lakh and income above this will be taxed as per the slabs.
However, in certain cases filing an ITR online becomes mandatory for individuals provided they have either some special incomes. Those with savings account deposits of more than Rs 50 lakh and bank deposits exceeding Rs 1 crore are required to file their ITR even if their taxable annual income is within the basic exemption limit.
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The new income tax slabs have been announced under the Union Budget 2025, effective from FY 2025-26.
Income up to Rs 4,00,000 — Nil
Rs 400,001 to Rs 800,000 — 5%
Rs 800,001 to Rs 12,00,000 — 10%
Rs 12,00,001 to Rs 16,00,000 — 15%
Rs 16,00,001 to Rs 20,00,000 — 20%
Rs 20,00,001 to Rs 24,00,000 — 25%
Above Rs 24,00,000 – 30%
Note: No changes were announced in the last budget in tax slabs for Old Tax Regime.
Following are five must-do things for all the taxpayers before filing ITR online:
Collect all income documents
To file ITR online, taxpayers must collect all necessary documents, including PAN, Aadhaar, Form 16,
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