So, you’re salaried. Your company cuts TDS every month. You think you’re safe, right?
Wrong.
Even under the New Tax Regime, you can have extra tax liability if you don’t report other income sources.
Yes — no exemptions, no deductions — but your income is still taxable. Not just salary. Your bank interest, stock profits, rent, and even F&O trades matter.
📚 Table of Contents
- 🔍 Income Sources You MUST Report Under the New Tax Regime
- 🧠 TDS vs. Actual Tax Payable (New Regime)
- ✅ What You Must Do Before Filing ITR (New Regime)
- 🙋♂️ FAQs: Tax Filing for Salaried Individuals under the New Tax Regime (FY 2024–25)
Let’s decode it all before the ITR deadline knocks on your door.
🔍 Income Sources You MUST Report Under the New Tax Regime
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Salary Income
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✅ TDS: Yes, your employer deducts TDS every month.
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❗Still: You must file ITR and report any other income.
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📁 Use Form 16 to file.
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Bank Interest (Savings, FD, RD)
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🏦 Savings Interest:
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TDS: ❌ No TDS on savings account interest.
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Tax: Fully taxable. Declare while filing ITR.
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🏦 Fixed/Recurring Deposits:
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TDS: ✅ Yes, if interest > ₹40,000 (₹50k for seniors).
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But: Still taxable. Banks only deduct 10%.
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Capital Gains (Shares, Mutual Funds, Property)
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📈 Equity/STCG:
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TDS: ❌ No TDS for individuals.
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Tax: 15% on Short-Term Capital Gains (STCG).
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📈 LTCG:
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TDS: ❌ No.
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Tax: 10% on gains above ₹1 lakh (no indexation).
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🏠 Property Sale:
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TDS: ✅ 1% if property > ₹50 lakh.
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More tax may be due based on actual capital gain.
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Rental Income
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🏘️ Residential Rent:
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TDS: ❌ No TDS if tenant is an individual.
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Tax: Fully taxable. No 30% deduction under new regime.
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Interest on home loan not allowed as deduction.
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Freelance/Side Income
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💼 Freelance, tuition, content creation:
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TDS: ✅ Often 10% by clients.
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Tax: Entire income is taxable. No expense deduction under new regime (unless business income filed separately).
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Dividends
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📊 From Stocks or Mutual Funds:
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TDS: ✅ 10% if dividend > ₹5,000/year.
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Tax: Fully taxable under your slab.
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Gifts
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🎁 Received from non-relatives > ₹50,000:
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TDS: ❌ None.
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Tax: Entire amount taxable.
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F&O / Options Trading
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📉 Futures, Options, Intraday:
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TDS: ❌ None by default.
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Tax: Treated as business income, taxed at slab rate.
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❗ITR-3 is mandatory. Audit required if turnover is high.
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🧠 TDS vs. Actual Tax Payable (New Regime)
| Income Type | TDS Deducted? | Taxable in ITR? | Notes Under New Regime |
|---|---|---|---|
| Salary | ✅ Yes | ✅ Yes | No exemptions/deductions allowed |
| FD Interest | ✅ Yes (if >₹40k) | ✅ Yes | Fully taxable |
| Savings Interest | ❌ No | ✅ Yes | Fully taxable |
| Capital Gains (Stocks) | ❌ No | ✅ Yes | STCG @15%, LTCG @10% |
| Property Rent | ❌ No (if tenant is individual) | ✅ Yes | 30% deduction not allowed |
| Freelancing | ✅ Sometimes | ✅ Yes | No expense deductions in personal return |
| Dividend Income | ✅ Yes (if >₹5k) | ✅ Yes | Fully taxable |
| Gifts > ₹50k | ❌ No | ✅ Yes | Fully taxable |
| F&O / Options Trading | ❌ No | ✅ Yes | Taxed as business income, ITR-3 needed |
✅ What You Must Do Before Filing ITR (New Regime)
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🧾 Collect All Income Proofs (bank, broker, rent, etc.)
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📥 Download Form 26AS & AIS from income tax portal
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📊 Pay Self-Assessment Tax if TDS was not enough
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📁 Choose Correct ITR Form – ITR-1, ITR-2, or ITR-3
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🧮 Audit Required? Check turnover if you trade F&O
💬 Final Word
The New Tax Regime feels “simple” — but don’t be fooled. It’s cleaner in structure, yes — no HRA, no 80C, no home loan deductions — but the income declaration rules are still as strict.
👉 TDS is just an advance — not a final settlement.
👉 Miss reporting something? You might get a notice.
👉 Ignore interest income? It’s visible in AIS.
👉 Forgot F&O profits? That’s tracked too.
⏳ Deadline’s coming. Be smart. Be early. Be accurate.
🙋♂️ FAQs: Tax Filing for Salaried Individuals under the New Tax Regime (FY 2024–25)
Q1. I’m a salaried person under the new regime. Do I still need to file ITR if TDS is already deducted?
✅ Yes. Even if TDS is deducted, you must file ITR if:
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Your total income exceeds ₹3 lakh (basic exemption under new regime).
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You have other income (interest, rent, capital gains, etc.).
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You want to claim a refund or carry forward losses.
Q2. Do I need to declare savings and FD interest under the new regime?
✅ Yes.
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Savings account interest is fully taxable.
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FD/RD interest is taxable even if TDS is deducted.
💡 Tip: Check Form 26AS + AIS to know total interest credited.
Q3. Are capital gains from stocks or mutual funds taxed under the new regime?
✅ Yes.
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Short-Term Capital Gains (STCG): 15% tax.
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Long-Term Capital Gains (LTCG): 10% tax (only above ₹1 lakh).
No indexation benefit, and no exemption under new regime.
Q4. I do F&O trading occasionally. Do I have to show that in ITR?
✅ Yes.
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F&O trading is treated as business income.
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You need to file ITR-3.
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You may have to maintain books of accounts or go for presumptive taxation (Sec 44AD).
Q5. Can I claim HRA, 80C, or home loan deductions under the new regime?
❌ No.
The new regime does not allow most exemptions/deductions, including:
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HRA
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Standard deduction (except ₹50,000 for salary/pension)
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Section 80C (LIC, PPF, etc.)
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80D (health insurance)
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Home loan interest on self-occupied property
Q6. What happens if I forget to include one source of income?
😟 If caught later via AIS or TIS mismatch, you may receive a notice from the Income Tax Department.
You might have to:
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Pay the due tax + interest.
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Possibly face a penalty for misreporting.
Q7. Do I need to pay advance tax under the new regime?
✅ Yes, if your total tax liability (after TDS) exceeds ₹10,000 in a year.
Advance tax must be paid quarterly, especially for:
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Freelancers
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F&O traders
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People with large capital gains
Q8. Which ITR form should I use under the new regime?
Depends on your income sources:
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ITR-1: Salary + one house + bank interest
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ITR-2: Salary + capital gains + more than one house
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ITR-3: Business income (includes F&O trading)
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ITR-4: Presumptive income (for eligible professionals or businesses)
Q9. What is AIS and why is it important?
AIS (Annual Information Statement) is a detailed summary of your:
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Salary
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Interest
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Dividend
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Stock trades
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Mutual fund redemptions
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Property transactions
💡 Cross-check AIS before filing. Mismatches can lead to scrutiny.
Q10. Can I switch between old and new regime every year?
✅ Yes, if you're a salaried taxpayer. You can choose old or new regime every year while filing ITR.
❗If you have business income (like F&O), you can switch only once. After opting out of new regime, you can’t switch back.
