If you’re filing your Income Tax Return (ITR) for the financial year 2024–25, here new changes—explained in simple terms.
Table of Contents
📆 ITR Filing Deadline Extended
- The last date to file ITR for FY 2024–25 (without audit) has been extended to 15th September 2025.
- Salaried individuals, freelancers, and small business owners—this gives you extra time to file peacefully.
🧮 New Income Tax Slabs (Default Regime)
The New Regime is now the default tax structure unless you choose the old one. Here’s the slab structure:http://incometax.gov.in/iec/foportal/help/individual/return-applicable-1#taxslabs
| Income (₹) | Tax Rate |
|---|---|
| 0 – 3,00,000 | 0% |
| 3 – 6,00,000 | 5% |
| 6 – 9,00,000 | 10% |
| 9 – 12,00,000 | 15% |
| 12 – 15,00,000 | 20% |
| Above 15,00,000 | 30% |
💡 Section 87A rebate of ₹25,000 still applies under the new regime if your total income is up to ₹7 lakh.
🏛️ Standard Deduction Update
- In Budget 2024, the standard deduction under the new tax regime has been increased to ₹75,000 (from ₹50,000 earlier).
So even in the new regime, salaried persons and pensioners can enjoy this basic deduction.
🧾 ITR Forms & Utilities
- ITR-1 and ITR-4 forms for salaried persons and presumptive income filers are already available.
- Excel/JSON-based utilities are provided on the Income Tax Portal for offline filing.(https://www.incometax.gov.in/iec/foportal/downloads/income-tax-returns#itr-1)
- ITR-2 and ITR-3 (for capital gains, rental income, foreign assets, etc.) will be available soon.
🔁 Old vs New Tax Regime – What to Choose?
- If you invest in LIC, PPF, NPS, 80C, 80D, home loan interest, HRA, etc., the old regime may help you save more.
- If you don’t claim many deductions and want simpler tax filing, the new regime may be better.
📝 If you have business income, you can switch back to the old regime only once. If you’re a salaried taxpayer, you can switch every year.
📜 Documents Needed for Filing ITR FY 2024–25
Make sure you collect:
- Form 16 from your employer
- Form 26AS & AIS from the income tax portal
- Rent receipts (if claiming HRA)
- Investment proofs – LIC, ELSS, NPS, PPF, etc.
- Home loan interest certificate
- Medical insurance premiums (80D)
🛠️ Use of ITR-U for Corrections
- Missed some income or forgot to claim a deduction? You can now file an Updated Return (ITR-U) within 4 years.
- Penalty may apply, but it’s better than getting a notice later.
✅ Key Takeaways
✔️ Deadline to file ITR (non-audit): 15th September 2025
✔️ New Tax Regime is default – choose old if beneficial
✔️ Standard deduction increased to ₹75,000
✔️ Use Form 26AS and AIS to verify TDS and income
✔️ Use ITR-U to correct mistakes for past years
Date of ITR Filing deadline?
15th September,2025