If you file income tax returns from the old rizim, then know this new rule of 2025

Admin — Tue, 10 Jun 2025 09:22:57 +0000

Itr Rules: If you are in the list of & nbsp; are in the list of salaried people and want to file income tax returns, then there are some important things which are necessary for you to know. Now only filling Form 16 will not be considered sufficient, but you will demand some more evidence from the Income Tax Department. That is, earlier when your income used to come from only salary, then you used ATR-1 & Nbsp; Form 16 only for the return file.

For this, you had to give your employer company from LIC, mutual funds to health insurance as Income Tax Covered documents. In Form 16 itself, all these things used to be details, and it was enough in itself. Apart from this, no other documents had to be uploaded.

Emphasis on transparency

But, experts say that the Income Tax Department is now focusing on more transparency, so that fake claims can be stopped. So whenever you file a return, you have to keep some records with you.

If you are making claims on interest above the education loan of Section 80E, then you should have its details with the Income Tax Department, so that it can be verified from there. Apart from this, when you are claiming any Divyang depending on you under section 80 DD or 80U, then Form 10-ia, Dependent’s Pan or Aadhaar and if possible, you will have to give UDID.

Along with this, taxpayers will have to give proof to deduction section 80C, 80D and HRA, when it was not mandatory last year. That is, now according to the new Income Tax Rules, now a comprehensive record will have to be given, in which it will be a big responsibility of taxpayers to unite and maintain all types of records before the income tax file.

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Income Tax New Regime Should You Continue Investing In PPF SSY NPS

Admin — Fri, 21 Mar 2025 04:58:59 +0000

Income tax: The old tax system has brought a new difficulty in front of taxpayers who switch into the new tax system as the exemption given under sections 80C, 80D and 80CCD (1) has been abolished under it. Now the question comes whether those who choose New Tax Reseam should invest in Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY) and National Pension System (NPS)? Let’s know-

According to a Business Standard report, SR Patnaik, partner (tax head) of Siril Amarchand Mangaldas, said, “Salary and non-business-income taxpayers have the option to choose between new and old tax arrangements every year, so they can choose one of the two without restricting every year.

The income tax slabs under the new tax system implemented from 1 April 2025 are as follows:

No tax will have to be paid on income up to Rs 4 lakh.

5 percent tax will have to be paid on income ranging from Rs 4 lakh to Rs 8 lakh.

10 percent tax will have to be paid on income ranging from Rs 8 lakh to Rs 12 lakh.

The tax amount on earnings ranging from Rs 12 lakh to Rs 16 lakh is 15 percent.

20 percent tax will have to be paid on income ranging from Rs 16 lakh to Rs 20 lakh.

25 percent tax will have to be paid on income ranging from Rs 20 lakh to Rs 24 lakh.

30 percent will have to be paid on earnings of more than Rs 24 lakh.

Tax slab under old tax system

No tax on earnings up to Rs 2,50,000.

5 percent tax will have to be paid on income ranging from Rs 2,50,001 to Rs 5,00,000.

Tax amount on earnings ranging from Rs 5,00,001 to Rs 10,00,000.

30 percent tax will have to be paid on income of more than Rs 10,00,000.

Cuts available under old tax system

Under the old tax system, taxpayers get the benefit of various cuttings and discounts. You can claim a deduction of up to Rs 1.5 lakh on PPF, ELSS and LIC premiums under Section 80C, 80CCD (1), 80CCD (1), 80CCD (2), 80CCD (1B), 80G, 80TTA, 80TTB. Under Section 80D, you can claim deduction on the premium paid for health insurance. Under Section 24 (b), you can claim tax exemption on interest up to Rs 2,00,000 on home loans. Apart from these, there are some other options to save tax like HRA and LTA.

Apart from tax exemption, many benefits of investment

Talking to Business Standard, Cleartax’s tax expert Shefali Mundra says, “Not only one should invest to get a discount on tax as it is aimed at making a financial secure and getting a financial freedom in the long term. Although in the new tax system, tax exemption on investments like PPF, SSY and NPS has been completely abolished, but through them your regular saving remains, benefits on retirement and can file ricks-free returns. ‘

Mundra further says, “Tax planning should be a part of your financial planning. The strategy of investment should be such that it is not only based on tax exemption, but should also focus on Financial Freedom, which has long term results.

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