The filing of Income Tax Returns (ITR) for the Assessment Year (AY) 2025-26 is set to begin on April 1, 2025. Taxpayers, including salaried individuals and businesses, must adhere to the prescribed deadlines to ensure compliance and avoid penalties. With both online and offline options available, electronic filing remains the most efficient and preferred method.
This article provides a comprehensive guide on tax slab revisions, filing deadlines, available ITR forms, and other critical aspects taxpayers should be aware of for AY 2025-26.
Key Deadlines for ITR Filing in AY 2025-26
The due dates for filing ITR depend on the taxpayer’s category and the need for an audit.
| Taxpayer Category | ITR Filing Deadline |
|---|---|
| Salaried individuals & entities not requiring an audit | July 31, 2025 |
| Businesses requiring an audit | October 15, 2025 |
| Companies requiring transfer pricing reports | November 30, 2025 |
Filing returns before these deadlines is crucial to avoid penalties and interest on overdue taxes.
Changes in Tax Slabs for FY 2024-25 (AY 2025-26)
The Budget 2024 introduced significant updates to the New Tax Regime, impacting income tax rates and deductions. Below is a breakdown of the new tax slabs applicable for FY 2024-25:
New Tax Regime: Income Tax Slabs & Rates
| Annual Income (₹) | Income Tax Rate |
|---|---|
| Up to ₹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% |
Tax Benefits Under the New Regime
- Tax Rebate: Individuals with income up to ₹7,00,000 can avail of a rebate of up to ₹25,000, effectively making their tax liability NIL.
- Standard Deduction: Salaried employees can claim a ₹75,000 standard deduction.
- Family Pension Deduction: The deduction for family pension has been increased to ₹25,000 from ₹15,000.
- NPS Contribution: Employer’s contribution to the National Pension System (NPS) is deductible up to 14% for government employees.
- Overall Tax Savings: Due to these changes, a salaried individual may save up to ₹17,500 in taxes under the new tax regime.
Old Tax Regime: No Changes in Slabs
The Old Tax Regime remains unchanged in Budget 2024. Taxpayers still have the option to continue with the old system by filing Form 10-IEA.
| Income Slab (₹) | Age < 60 Years | 60-80 Years (RIs) | Above 80 Years (RIs) |
|---|---|---|---|
| Up to ₹2,50,000 | NIL | NIL | NIL |
| ₹2,50,001 – ₹3,00,000 | 5% | NIL | NIL |
| ₹3,00,001 – ₹5,00,000 | 5% | 5% | NIL |
| ₹5,00,001 – ₹10,00,000 | 20% | 20% | 20% |
| Above ₹10,00,000 | 30% | 30% | 30% |
The Old Tax Regime continues to allow exemptions under Section 80C, HRA, and other deductions, making it beneficial for those with multiple investments.
Types of ITR Forms for AY 2025-26
The Income Tax Department provides different ITR forms based on the type of taxpayer and income sources.
| ITR Form | Applicable for |
|---|---|
| ITR-1 (Sahaj) | Salaried individuals with income up to ₹50 lakh (excluding capital gains, business income, or foreign assets) |
| ITR-2 | Individuals & HUFs with salary, multiple house properties, capital gains, or agricultural income above ₹5,000 |
| ITR-3 | Individuals & HUFs earning from business or profession (e.g., doctors, lawyers) |
| ITR-4 (Sugam) | Individuals, HUFs & firms opting for presumptive taxation (income up to ₹50 lakh) |
| ITR-5 | Partnership firms, LLPs, associations of persons |
| ITR-6 | Companies (excluding those claiming tax exemption under Section 11) |
Filing the correct ITR form is crucial to ensure compliance and avoid processing delays.
ITR Filing Process: Step-by-Step Guide
The Income Tax e-Filing Portal simplifies online ITR filing:
- Login to the e-Filing portal using your PAN/Aadhaar and password.
- Go to e-File → File Income Tax Return and select the appropriate assessment year (2025-26).
- Choose the correct ITR form based on your income sources.
- Fill in details related to income, deductions, and tax exemptions.
- Verify auto-filled information (linked to Form 26AS and Annual Information Statement).
- Review and submit the ITR.
- E-verify using Aadhaar OTP, net banking, or bank account details.
Taxpayers should keep Form 16, salary slips, and investment proofs handy for a seamless filing process.
Frequently Asked Questions
1. When is the last date to file ITR for AY 2025-26?
The deadline for individuals and businesses not requiring an audit is July 31, 2025. For audited firms, the due date is October 15, 2025, and for businesses with transfer pricing reports, it is November 30, 2025.
2. Can I file ITR after the due date?
Yes, but late filings attract penalties. If filed after July 31 but before December 31, a penalty of up to ₹5,000 applies. After December 31, additional interest and penalties may be levied.
3. How do I choose between the Old and New Tax Regime?
If you have multiple tax-saving investments under Section 80C, HRA, or medical insurance, the Old Regime may be more beneficial. Otherwise, the New Regime offers simpler tax calculations with lower rates.
4. What happens if I fail to e-verify my ITR?
Failure to e-verify within 30 days will make your ITR invalid. This means you will have to file a fresh return.
5. Is filing ITR mandatory even if I have no taxable income?
Filing is compulsory if your gross income exceeds ₹2.5 lakh (Old Regime) or ₹3 lakh (New Regime). It is also required for refund claims or to report capital losses.
Filing your ITR on time ensures compliance with tax laws and helps you avoid unnecessary penalties. With the simplified online process, taxpayers can file their returns conveniently. Understanding the updated tax slabs, deductions, and deadlines will help optimize tax savings while fulfilling legal obligations.
Click here to know more.
Kishan is a knowledgeable writer specializing in agriculture and the latest government job recruitments, delivering clear and insightful content to inform and empower readers.
