Income Tax Return 2025: There has been a major change in the process of filing income tax returns from the financial year 2025-26. Now the new tax system has been implemented in default mode. The new income tax regime will be visible in the default mode. Changes will have to be made to file income tax under the old income tax regime. Taxpayers will have the option to choose the tax regime. Changes have also been made in many other things from April 1.
Income Tax Return 2025: Now with the change in the financial year, the process of filing income tax returns has also changed. From the financial year 2025-26, the new tax system has been implemented in default mode. While filing Income Tax Return (ITR), now the taxpayer will get to see the new income tax regime in default mode.
Option to choose tax regime
If an income tax payer has to pay income tax on the basis of the old income tax regime, then he will have to change it and do the process of paying income tax from the old scheme. In this, taxpayers will have the option to choose the tax regime. Those who feel that the old slab is beneficial for them, then they can use the old slab system.
CA Ashish Rohatgi and CA Rashmi Gupta told that eligible persons without any business income will have the option to choose the system for each year. Therefore, they can choose the old tax system in one financial year and the new tax system in the other year.
Can file ITR with new regime
He told that if an employer has deducted TDS of his employee under the old system, the employee can file ITR under the new regime if he wants. He told that other things have also changed from April 1.
Changes from April 1
- Under this, new check verification rules have been implemented to prevent banking fraud. Apart from this, now the check number, date, beneficiary’s name and amount will have to be verified for check payment of more than five thousand rupees.
- Also new features are being added to the Rupee debit card. It will also provide facilities like visiting airport lounge, insurance etc. Apart from this, now the limit of free transaction from ATM will also be three times only.
- Rules are also being implemented regarding the minimum balance limit. The maximum limit of TDS deduction for senior citizens has also been increased to one lakh rupees. This amount was earlier 50 thousand rupees.
Now there will be no income tax up to Rs 12 lakh
- In the new tax regime, there will be no tax payable up to Rs 12 lakh. Also, the limit for filing updated tax returns will increase from 24 months to 48 months.
- Along with this, the limit of TDS deduction on rent income for landlords has been increased to Rs 6 lakh per annum. Earlier it was Rs 2 lakh 40 thousand per annum.
- Foreign transactions of more than Rs 10 lakh will be subject to TCS (Tax Collected at Source). Earlier this limit was Rs 7 lakh.
Long term capital gain limit will increase
- CA Ashish Rohtagi and CA Rashmi Gupta said that as per the income tax amendment, from April 1, TDS deduction on dividend income will now be made Rs 10,000 per year.
- Earlier it was Rs 5,000. Along with this, while making changes in capital gain, the limit of long term capital gain exemption has now been made Rs 1.25 lakh.
- Partnership firms will now have to compulsorily deduct TDS on salary and capital entry to their partners. Earlier this was not applicable.
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