ITR Filing 2025: The government has recently announced that there will be no tax on income up to Rs 12 lakh in the financial year 2025-26 (ie income from 1 April 2025 to 31 March 2026), but this rule does not apply to the current ITR filing (for FY 2024-25).
ITR Filing 2025: The Income Tax Department has extended the last date for filing Income Tax Return (ITR) for the financial year 2024-25 i.e. income from 1 April 2024 to 31 March 2025 to 15 September 2025. Almost everyone knows this update. With the new date in place of 31 July 2025, tax payers have got an additional 45 days.
Why was the date extended?
The Central Board of Direct Taxes (CBDT) said that this time many changes have been made in the ITR form (which is for AY 2025-26). It was taking more time to implement these changes in the system and prepare online tools (utilities) for filing ITR. Therefore, the date was extended so that people do not face any problems.
Which tax system to choose?
New Regime: This is now the default. Meaning, if you do not say anything, then your return will be calculated according to this system.
Old Regime: If salaried individuals want, they can choose the old system while filing ITR till the new deadline (15 September 2025). Many deductions are available in this, such as HRA, exemption on interest (home loan) etc.
Keep in mind that if you file ITR after the deadline (i.e. after 15 September 2025) (which is called ‘belated return’), then you can file returns only in the new tax system. There will be no option to choose the old system.
What are the benefits of the new tax system? (For FY 2024-25)
1. Standard deduction: Salary or pension earners will get a direct deduction of Rs 75,000. This will already be deducted from your income.
2. Section 87A rebate: If your total taxable income in the new system does not exceed Rs 7 lakh, you will get a tax rebate of up to Rs 20,000. This means that those with taxable income up to Rs 7 lakh will not have to pay any tax!
3. NPS exemption (Section 80CCD(2)): Even in the new system, if you are a salaried employee and contribute to NPS (National Pension System), you can claim a deduction of up to 14% of your basic salary.
What about “no tax up to Rs 12 lakh”?
Here understand a very important thing, the government has recently announced that there will be no tax on income up to Rs 12 lakh in the financial year 2025-26 (ie income from 1 April 2025 to 31 March 2026), but this rule does not apply to the current ITR filing (for FY 2024-25). This facility will be available next year, when you file the return of income from April 2025 to March 2026.
