The Income Tax Department has introduced several changes effective from Financial Year 2024–25, aimed at streamlining tax compliance and improving taxpayer convenience. Here’s a complete overview of what’s new in ITR filing for AY 2025–26.
✅ 1. New Tax Regime is Now the Default
From FY 2024–25, the new tax regime under Section 115BAC(1A) becomes the default tax structure. Taxpayers wishing to continue under the old tax regime must specifically opt for it while filing their ITR.
⚖️ 2. Old vs New Tax Regime – Rate Comparison
| Income Slab (₹) | Old Tax Regime | New Tax Regime (Default) |
| 0 – 2,50,000 | Nil | Nil |
| 2,50,001 – 3,00,000 | 5% | Nil |
| 3,00,001 – 5,00,000 | 5% | 5% |
| 5,00,001 – 6,00,000 | 20% | 5% |
| 6,00,001 – 9,00,000 | 20% | 10% |
| 9,00,001 – 12,00,000 | 30% | 15% |
| 12,00,001 – 15,00,000 | 30% | 20% |
| Above 15,00,000 | 30% | 30% |
✅ Standard Deduction of ₹50,000 is available under both regimes (from FY 2023–24 onwards).
🧾 3. Section 87A Rebate – Full Tax Rebate for Small Taxpayers
| Tax Regime | Rebate Eligibility (Taxable Income ≤) | Maximum Rebate u/s 87A | Tax Payable After Rebate |
| New Regime | ₹7,00,000 | ₹25,000 | Nil |
| Old Regime | ₹5,00,000 | ₹12,500 | Nil |
💡 If your taxable income is slightly above ₹7 lakh under the new regime, you may consider deductions under Section 80C, 80D, etc. to reduce it and become eligible for the rebate.
🔄 4. Other Important Updates for FY 2024–25
📌 Presumptive Taxation Limits Increased:
Section 44AD (Business): Limit raised to ₹3 crore (if cash receipts ≤ 5%)
Section 44ADA (Professionals): Limit raised to ₹75 lakh (if cash receipts ≤ 5%)
📌 TDS & TCS Changes:
Online gaming (Sec 194BA): 30% TDS on winnings without any threshold.
Foreign Remittances (LRS): 20% TCS continues beyond ₹7 lakh (except for education/medical).
📌 AIS, TIS, and Form 26AS Integration:
Taxpayers are advised to verify Annual Information Statement (AIS) and Form 26AS before filing.
Pre-filled data will be made available in the ITR portal.
📅 Key Due Dates for AY 2025–26
Type of Taxpayer ITR Filing Due Date
Individual (Non-Audit Case) 31st July 2025
Audit Cases 31st October 2025
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