Filing an Income Tax Return (ITR) is an important responsibility for every taxpayer. With the start of the new assessment year 2025-26, the ITR filing has started and is likely to continue until 31 July 2025. For those whose audit is mandatory, the deadline is likely to be 31 October. However, the government can extend these deadlines, as we have seen on select occasions in the past due to exceptional circumstances.
Who should file ITR?
ITR is mandatory for those individuals whose annual taxable income is more than the basic exemption limit. Under the Old Tax Regime, the basic exemption limit is Rs 2.5 lakh. In case of senior citizens, the basic exemption limit is Rs 3 lakh. However, there are some additional conditions that make filing of ITR mandatory even if someone’s income is below the basic exemption limit.
Now, the most important thing—before you start filing your ITR for the financial year 2024-25, let’s pause for a minute and think about the changes that have been introduced in the rules for tax calculations, filing, or compliance, as the government keeps updating its guidelines from time to time.
Also read: Income Tax Return 2025: I-T department upgrades ITR-2 filing process, know new changes
Here are five key tax changes that taxpayers need to keep in mind — these changes have been announced by the government since the last ITR filing season.
1. Revised Income Tax Slabs Under the New Regime
The Union Budget 2025 announced new income tax slabs under the default new tax regime, effective from FY 2025-26.
The updated slabs are as follows:
Income up to Rs 4,00,000 – Nil
Rs 4,00,001 to Rs 8,00,000 – 5%
Rs 8,00,001 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: There are no changes in tax slabs under the old tax regime
2. Higher Standard Deduction under new regime
To provide additional relief to taxpayers under the new regime, the Standard Deduction has been increased for salaried individuals from Rs 50,000 to Rs 75,000.
3. Higher basic exemption limit
The basic tax exemption limit was hiked from Rs 3 lakh to Rs 4 lakh,
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