Income Tax Return Filing
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🤝 Introduction to Income Tax
Tax Ustaad delivers end-to-end income tax filing solutions—combining expert insights, accurate documentation, and proactive compliance to safeguard your financial interests
Income Tax is a direct tax levied by the Government of India on the income earned by individuals and entities. It is governed by the Income Tax Act, 1961, and administered by the Income Tax Department under the Ministry of Finance.
Who Is Liable to Pay Income Tax?
Income tax is applicable to:
- Hindu Undivided Families (HUFs)
- Individuals (Residents and Non-Residents)
- Firms and LLPs
- Companies
- Association of Persons (AOPs) and Body of Individuals (BOIs)
Basic Exemption Limits
| Category | Old Regime | New Regime |
|---|---|---|
| Individual (below 60 yrs) | ₹2,50,000 |  ₹3,00,000 |
| Senior Citizen (60–80 yrs) | ₹3,00,000 | ₹3,00,000 |
| Super Senior (80+ yrs) | ₹5,00,000 | ₹3,00,000 |
* Income Tax Slabs – FY 2024–25 (New Tax Regime)
* The New Tax Regime is now the default regime. Taxpayers can opt for the Old Regime by filing Form 10-IEA
(if applicable).
➫ Slab Rates under New Regime
| Annual Income | Tax Rate | Old Regime | New Regime |
|---|---|---|---|
| Up to ₹3,00,000 | Nil | ||
| ₹3,00,001 to ₹6,00,000 | 5% | ||
| ₹6,00,001 to ₹9,00,000 | 10% | ||
| ₹9,00,001 to ₹12,00,000 | 15% | ||
| ₹12,00,001 to ₹15,00,000 | 20% | ||
| Above ₹15,00,000 | 30% |
Section 87A Rebate
- Available for resident individuals with total income up to ₹7,00,000.
- Maximum rebate: ₹25,000
- Effective tax liability: Zero
Key Features of New Tax Regime
- Standard Deduction: ₹50,000 for salaried individuals and pensioners
- Family Pension Deduction: ₹15,000 or 1/3rd of pension, whichever is lower
- NPS Employer Contribution Deduction: Up to 14% under Section 80CCD(2)
- No deductions allowed under 80C, 80D, HRA, etc. (unless opted for Old Regime)
Step-by-Step Guide
To Filing Income Tax Return (ITR)
Requirements
Before filing your ITR, ensure:
- PAN and Aadhaar are linked
- Bank account is pre-validated
- Form 16 (for salaried), Form 26AS, AIS/TIS are available
- Investment and deduction proofs are ready
🖥️ Online Filing Process
💼 Step 1
Login to Income Tax Portal
- Visit incometax.gov.in
- Use PAN as User ID
💼 Step 2
Select Assessment Year
- Choose AY 2025–26 for income earned in FY 2024–25
💼 Step 3
Choose Filing Mode
- Online: Direct entry on portal
- Offline: Upload JSON file via utility
💼 Step 4
Select ITR Form
| Form | Applicable For |
|---|---|
| ITR-1 | Salaried individuals with one house property |
| ITR-2 | Capital gains, multiple properties, foreign income |
| ITR-3 | Business/profession income |
| ITR-4 | Presumptive income under Sections 44AD/44ADA |
💼 Step 5
Fill Income & Deduction Details
- Auto-filled from Form 26AS and AIS
- Manually add missing income
- Claim deductions (if under Old Regime)
💼 Step 6
Compute Tax & Pay Dues
- Calculate final tax liability
- Pay any outstanding tax via challan
💼 Step 7
Submit Return
- Validate all entries
- Submit ITR
💼 Step 8
E-Verify the Return
Must be done within 30 days of submission. Methods:
- Aadhaar OTP
- Net Banking
- EVC via bank account or demat
📅 Important Due Dates – FY 2024–25
| Category | Due Date | Old Regime | New Regime |
|---|---|---|---|
| Individual (non-audit) | 31 July 2025 | ||
| Audit cases (business) | 31 October 2025 | ||
| Revised/Belated | 31 December 2025 |
Useful Resources
Income Tax Portal – Official Site- [Form 26AS Access] https://www.tdscpc.gov
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