tabular comparison of key points for individual salaried persons to consider when filing income tax returns for Assessment Year (AY) 2025-26 (Financial Year 2024-25) under the New Tax Regime and Old Tax Regime

tabular comparison of key points for individual salaried persons to consider when filing income tax returns for Assessment Year (AY) 2025-26 (Financial Year 2024-25) under the New Tax Regime and Old Tax Regime

Posted on: 18 May, 2025

Below is a tabular comparison of key points for individual salaried persons to consider when filing income tax returns for Assessment Year (AY) 2025-26 (Financial Year 2024-25) under the New Tax Regime and Old Tax Regime in India, presented in both Hindi and English.

The contact numbers for tax advice is 70-33333-260;  99999-38924 . The information is based on recent finance bill.

English Version

Key Points to Consider When Filing (English):

1. Choose Regime: Compare tax liability; new regime is default, but old regime suits high deductions.
2. Form 10-IEA: File to opt for old regime or new regime (business income).
3. Standard Deduction: Claim ₹75,000 (new) or ₹50,000 (old).
4. Rebate u/s 87A: Check eligibility for tax rebate up to ₹7,00,000 (new) or ₹5,00,000 (old).
5. Documentation: Keep Form 16, rent receipts (old regime), investment proofs ready.
6. ITR Form: Use ITR-1 for simple cases, ITR-2/3 for complex ones.
7. Deadline: File by July 31, 2025, to avoid penalties.
8. Scrutiny: Ensure deductions (old regime) are valid to avoid tax officer queries.

Additional Notes:

• The new regime is simpler and beneficial for those with incomes up to ₹13 lakh or minimal deductions. The old regime suits individuals with significant deductions like 80C, HRA, or home loan interest. Verify calculations using the Income Tax Department’s calculator or consult a professional.
• For Tax Advice, Contact:Phone: +91-70-33333-260, +91-99999-38924
• Note: Consult a tax professional for personalized advice.