What’s new in ITR filing for FY 2024–25?

Several important updates have been introduced to streamline and simplify the ITR filing process. Here’s an overview of few.

𝐔𝐩𝐝𝐚𝐭𝐞𝐝 𝐈𝐓𝐑 𝐅𝐨𝐫𝐦𝐬
The Income Tax Department has released updated Excel utilities for ITR-1 (Sahaj) and ITR-4 (Sugam) for AY 2025–26. These forms are now available for download on the official e-filing portal.

𝐄𝐱𝐭𝐞𝐧𝐝𝐞𝐝 𝐅𝐢𝐥𝐢𝐧𝐠 𝐃𝐞𝐚𝐝𝐥𝐢𝐧𝐞
The deadline for filing ITRs for FY 2024–25 has been extended from July 31, 2025, to September 15, 2025, providing taxpayers with additional time to comply with the new requirements.

𝐅𝐨𝐫𝐦 𝟏𝟔 𝐈𝐬𝐬𝐮𝐚𝐧𝐜𝐞 𝐃𝐞𝐚𝐝𝐥𝐢𝐧𝐞
Employers are mandated to issue Form 16 to employees by June 15, 2025.

𝐑𝐞𝐯𝐢𝐬𝐞𝐝 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐆𝐚𝐢𝐧𝐬 𝐓𝐚𝐱 𝐑𝐚𝐭𝐞𝐬
𝐒𝐡𝐨𝐫𝐭 𝐓𝐞𝐫𝐦 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐆𝐚𝐢𝐧𝐬 (𝐒𝐓𝐂𝐆): For shares and mutual funds (equity) sold on or after July 23, 2024, the STCG tax rate has increased from 15% to 20%.
𝐋𝐨𝐧𝐠-𝐓𝐞𝐫𝐦 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐆𝐚𝐢𝐧𝐬 (𝐋𝐓𝐂𝐆): The exemption limit has been raised from ₹1 lakh to ₹1.25 lakh, and the tax rate for gains exceeding this limit has increased from 10% to 12.5%.

𝐃𝐞𝐟𝐚𝐮𝐥𝐭 𝐀𝐝𝐨𝐩𝐭𝐢𝐨𝐧 𝐨𝐟 𝐍𝐞𝐰 𝐓𝐚𝐱 𝐑𝐞𝐠𝐢𝐦𝐞
The new tax regime under Section 115BAC is now the default for individuals, Hindu Undivided Families (HUFs), Associations of Persons (AOPs), and Bodies of Individuals (BOIs). Taxpayers wishing to continue with the old tax regime must explicitly opt out of the new regime when filing their returns.

𝐋𝐢𝐦𝐢𝐭𝐚𝐭𝐢𝐨𝐧𝐬 𝐨𝐧 𝐃𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐍𝐞𝐰 𝐓𝐚𝐱 𝐑𝐞𝐠𝐢𝐦𝐞
Under the new default tax regime, most deductions under Chapter VI-A (such as Sections 80C, 80D, etc.) are not available.
However, few deductions can be availed like 80CCD(2) – employer’s contribution to NPS, 80CCH, Amount Paid or Deposited in the Agniveer Corpus Fund

📌 𝐏𝐫𝐨 𝐓𝐢𝐩: Staying informed about these changes ensures a smoother and more accurate ITR filing experience. Always refer to the official Income Tax Department portal for the latest updates.

#DemystifyingITR #ITRFiling2025 #FinanceTips #TaxReady #SmartMoney #IncomeTaxIndia #TaxSimplified #FinancialYear2024_25

 

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