1. Know which regime you’re choosing
- ✅ New regime is default. Unless you actively switch, it’s what you get.
- 🕒 You can switch only before the deadline (July 31, 2025—or extended to Sept 15, 2025)
- 💼 Salaried/non-business folks: you can switch every year. Business incomes? Pick carefully—changes ripple over multiple years.
📚 Table of Contents
- 💰 Know which regime you’re choosing
- 🔄 Get your Doc Arsenal ready
- 📈 Understand new forms & validation rules
- 📊 Slab rates & rebates—don’t confuse FY 2024‑25 with FY 2025‑26
- 📅 Mark your dates in stone
- ✅ FIRMLY decide: old vs new—before you hit “Submit”
- 📈 File and verify
- ❓ Frequently Asked Questions (FAQs)
2. Get your Doc Arsenal ready
- 📄 Form 16 from employer(s)—verify PAN, TDS, deductions in Form 26AS/AIS.
- 📊 Bank statements, investment proofs, receipts—even small interest counts!
- 📈 LTCG up to ₹1.25 lakh? Good news: you can still use ITR‑1/4 form.
3. Understand new forms & validation rules
- Excel utilities (ITR‑1/4) now include real-time validation, pop-ups, and TDS section codes required.
- ITR‑1 now has fields for LTCG, even equity gains—nice if you’ve made small profits.
4. Slab rates & rebates—don’t confuse FY 2024‑25 with FY 2025‑26!
- For FY 2024‑25 filing: new regime rebate under section 87A applies up to ₹7 lakh earnings.
- FY 2025‑26 Budget slabs (like ₹0–12 lakh zero-tax) don’t apply yet. Only starting next year.
5. Mark your dates in stone
- 🗓 Deadline: July 31, 2025. But due to form changes, extended to Sept 15, 2025—no more procrastination!
- Missing the Jul 31 deadline? You can still file a belated return by Dec 31—but only under the new regime, and penalties apply.
6. FIRMLY decide: old vs new—before you hit “Submit”
- The new regime = simpler, lower rates, but most deductions (80C, HRA, 80D…) are gone. Only limited ones (like NPS employer, agniveer, and standard ₹50k deduction) remain.
- The old regime = more paperwork, higher slabs—but full deduction benefits.
- Calculation war: run both scenarios, pick lower liability. It can vary wildly based on your HRA, investment claims, LTCG, etc.
7. File and verify
- Use the Excel utility OR go online (e-filing portal, Tax2win, ClearTax). Utility includes real‑time error checks.
- E‑Verify your return within 30 days (Aadhaar OTP, net‑banking, EVC) to make it valid.
Snapshot
| Step | Checklist |
|---|---|
| ✅ Regime | New is default – switch before deadline |
| 📑 Docs | Form 16, 26AS, bank, receipts, investment proofs |
| 📄 Form & Rs | Use updated ITR forms (validation) & correct slab |
| 🗓 Deadline | July 31 (or Sept 15 extended) – no late mess |
| 💡 Compare | Old vs New—run numbers to find savings |
| 📤 File & e‑verify | Use utility or portal; confirm within 30 days |
---
Why this matters—just two quick reasons:
- Use of wrong slab/form can invalidate your return—or worse, trigger penalties.
- Post-deadline? You lose old-regime deductions if you file late—and get stuck with new regime and extra fines.
---
Final Word
Before you log in and click “Start New ITR” for FY 2024‑25, pause. Dig out that Form 16. Run the numbers under both regimes. Pick the right slab. Meet the deadline. Then breathe—and file smartly. That bursty, twisty mix of shock and relief? Pure human filing process heaven 😊---
📚 FAQ: Filing ITR in FY 2024‑25 Under the New Regime
1. Can I switch between old and new regimes?
Yes—but it depends.- Salaried individuals with only salary income can switch every assessment year. You choose while filing ITR—default is new regime—and can opt for old before the deadline.
- But business or professional income earners (ITR‑3/4 filers) face restrictions: once they opt for one regime, it often locks them in, with limited ability to switch back.
- Simplified: salary-only = flexibility; business income = cautious decision.
- From a Redditor: People with business income can switch regimes only once.… An individual with non business income can switch between the new and old tax regimes every year.
---
2. What’s the deadline for filing FY 2024‑25 ITR?
- Original deadline: July 31, 2025.
- Extended to September 15, 2025, for non‑audit cases, to accommodate new forms and system delays.
- Taxpayers needing audit (companies, professionals over thresholds) still must file by original dates—no extension.
---
3. Any penalties for late filing?
If you file by September 15 and have paid self-assessment tax, no late filing penalty under Section 234A .Filing after September 15 up to December 31 incurs ₹1,000–₹5,000 fee (₹1,000 if income ≤ ₹5 lakh; up to ₹5,000 otherwise) under Section 234F.
Interest under Sections 234B/234C for missed advance tax remains applicable regardless of filing date .
---
4. What's new in ITR forms this year?
- ITR‑1 and ITR‑4 now allow reporting long-term capital gains (LTCG) from equities up to ₹1.25 lakh .
- Updated forms include fields for TDS section codes, capital gains details, Aadhaar changes, and enhanced disclosures for home loans, HRA, disability certificates, asset reporting, etc.
- These changes triggered the deadline extension and need to be navigated during filing.
---
5. What documents should I pre-check?
- Form 16: verify your name, PAN, salary, TDS, and claimed deductions .
- Form 26AS & AIS: reconcile all TDS, TCS, self-assessment taxes, plus financial transactions .
- Investment proofs, bank interest, capital gains – make sure they align with what your AIS shows.
6. Can I still claim deductions under the new regime?
- Only a limited set are allowed:
- Standard deduction ₹50k (salaried)
- NPS employer’s contribution, agnipath, etc.
- Most traditional deductions (80C, HRA, 80D, etc.) are not available .
- To use those deductions, you must opt for the old regime before filing.
---
7. How do I choose the right regime?
Gather your Form 16, AIS, and investment proofs.Run the tax computation under both regimes.
Compare total tax liability including standard deduction, slab applicability, LTCG, and remaining deductions.
Choose the one that results in lower tax and file accordingly before the due date.
---
8. What if the deadline passes?
- Belated return can be filed up to December 31, but you'll lose certain benefits:
- Old-regime deductions are unavailable post-deadline.
- You may also lose ability to carry forward losses.
---
---
.png)
.png)
