Income Tax Filing FY 2024-25: Latest Rules &Changes.
Introduction:
Stay updated with Income Tax Filing for FY 2024-25! Know the latest tax rules, deadlines, and benefits under the new and old tax regimes. Learn about standard deductions, zero tax on income up to ₹7 lakh, required documents, and easy filing steps. File early to avoid penalties and enjoy faster refunds. A smart move for your financial health!
Income tax return (ITR) filing is an important responsibility for every earning citizen of India. The Financial Year (FY) 2024-25 brings new rules, updated tax slabs, and some common questions everyone wants to know.
This article will help you understand the latest updates, important dates, process, and FAQs in a simple and easy-to-follow language.
Visit the website today: https://ajaytaxconsultant.com/
What is an Income Tax Return (ITR)?
An Income Tax Return (ITR) is a form you file with the Income Tax Department of India to declare your income, expenses, savings, and taxes paid in a financial year. Based on your income, you may get a refund or may need to pay more tax.
Filing ITR is not only for people with high income—it is useful for salaried employees, freelancers, small business owners, pensioners, and even for people with capital gains or other sources of income.
Important Dates for FY 2024-25
Here are the key dates you must remember:
- Start of FY 2024-25: April 1, 2024
- End of FY 2024-25: March 31, 2025
- ITR Filing Start Date: Likely from June 2025
- Last Date to File ITR (Without Late Fees) for Non-Audit: July 31, 2025
- Last Date to File ITR (Without Late Fees) for Audit: Sept-15, 2025
- With Late Fees (Belated Return): December 31, 2025
Filing your ITR on time helps avoid penalties and interest.
Who Should File ITR?
You must file an ITR if:
- Your total income in the year is more than ₹2.5 lakh (old regime).
- You earned income from freelancing or business.
- You want to claim a refund for TDS or excess tax paid.
- You earned from capital gains (stocks, mutual funds, etc.).
- You received foreign income or hold foreign assets.
- You want to apply for a loan, visa, or government tender.
Even if not mandatory, filing ITR is always a smart choice.
Who Should File ITR? Visit the website:https://ajaytaxconsultant.com/
You must file an ITR if:
- Your total income in the year is more than ₹2.5 lakh (old regime).
- You earned income from freelancing or business.
- You want to claim a refund for TDS or excess tax paid.
- You earned from capital gains (stocks, mutual funds, etc.).
- You received foreign income or hold foreign assets.
- You want to apply for a loan, visa, or government tender.
Even if not mandatory, filing ITR is always a smart choice.
New Tax Regime vs Old Tax Regime (FY 2024-25)
From FY 2023-24 onwards, the New Tax Regime became the default system. However, you can still opt for the Old Tax Regime if you want to claim deductions like HRA, 80C, etc.
🔸 Tax Slabs under New Regime (FY 2024-25):
| Income Slab | Tax Rate |
| Up to ₹3,00,000 | Nil |
| ₹3,00,001 – ₹6,00,000 | 5% |
| ₹6,00,001 – ₹9,00,000 | 10% |
| ₹9,00,001 – ₹12,00,000 | 15% |
| ₹12,00,001 – ₹15,00,000 | 20% |
| Above ₹15,00,000 | 30% |
- Standard deduction of ₹50,000 is allowed in the new regime (for salaried/pensioners).
- No exemptions like HRA, LTA, 80C in the new regime.
🔹 Old Tax Regime:
The old regime has the same old slabs, but you can claim deductions like:
- 80C (PF, LIC, ELSS, PPF): Up to ₹1.5 lakh
- 80D (Health Insurance), 80E (Education Loan), HRA, LTA, etc.
You can choose between both regimes each year while filing your ITR.
New Rules in FY 2024-25
Here are the latest changes you must know:
- DefaultNewTaxRegime:
The new regime is the default. If you don’t choose the old regime, your taxes will be calculated as per the new one. - ZeroTaxup to ₹7 lakh (under new regime):
Due to a rebate under Section 87A, if your income is up to ₹7 lakh, you pay zero tax under the new regime. - Updated Tax Slabs (New Regime):
As shown above, the new slabs are simpler with reduced rates. - Standard Deduction Allowed:
Salaried people get ₹50,000 standard deduction even in the new regime. - TDS Threshold Updates:
New TDS (Tax Deducted at Source) rules apply for some sections like online gaming, lottery, etc. - Faster Processing & Refunds:
ITRs filed with Aadhaar-based e-verification get processed quickly—often within 10 days.
Documents Required for ITR Filing
Keep these documents ready before filing:
- PAN Card
- Aadhaar Card
- Form 16 (from employer)
- Bank account details
- Salary slips
- Investment proofs (80C, 80D, etc.)
- Home loan certificate (if any)
- Capital gain details (if applicable)
- TDS certificates (Form 16A)
- Rental income & HRA details
How to File Your ITR
You can file ITR in two ways:
1. Online through the Income Tax Portal:
- Visit: https://ajaytaxconsultant.com/
- Log in with PAN & OTP
- Select “File Income Tax Return”
- Choose FY 2024-25 and appropriate ITR form (usually ITR-1 for salaried)
- Fill income, tax paid, deductions
- Preview & submit
- E-verify using Aadhaar OTP, net banking, or bank account
2. Through a Tax Consultant: https://ajaytaxconsultant.com/
If you’re not comfortable filing it yourself or have multiple income sources, a professional can help you file correctly.
Frequently Asked Questions (FAQs)
✅ Q1: What is the last date to file ITR for FY 2024-25?
Answer: July 31, 2025 (without late fee), and December 31, 2025 (with late fee).
✅ Q2: What if I miss the deadline?
Answer: You can file a belated return by Dec 31, 2025, with a penalty of ₹1,000 to ₹5,000. You may also lose some benefits.
✅ Q3: Which ITR form should I use?
- ITR-1: Salaried, one house property, income up to ₹50 lakh
- ITR-2: Capital gains, multiple properties
- ITR-3: Business or profession
- ITR-4: Presumptive income scheme
✅ Q4: Can I switch between old and new tax regimes?
Answer: Yes, salaried individuals can switch each year while filing ITR. Business owners can switch only once.
✅ Q5: Is Aadhaar mandatory for ITR filing?
Answer: Yes, Aadhaar is mandatory for e-verification and linking with PAN.
✅ Q6: What is the penalty for late filing?
Answer: ₹5,000 if income > ₹5 lakh; ₹1,000 if income < ₹5 lakh. You may also face interest on tax due.
Conclusion
Filing your ITR for FY 2024-25 is easier than ever, thanks to online filing, simplified forms, and standard deductions. Always file your return on time, keep your documents ready, and choose the right tax regime based on your savings and income. Even if you don’t have taxable income, filing ITR helps in getting loans, visas, and TDS refunds.
If you’re unsure, consult a tax expert to guide you through the process. Remember, being tax-compliant not only saves money but also builds your financial profile.
For Help: Call -7327990177
Visit website: https://ajaytaxconsultant.com/
