Income tax return 2025: The submission of income tax returns in the 2025-26 financial year has changed significantly. Now the new control system has been implemented in standard mode. The new income tax regime will be visible in the standard mode. Changes must be made to submit the income tax within the framework of the old income tax regime. Taxpayers have the option of choosing the tax regime. On April 1st, changes were also made in many other things.
Income tax return 2025: With the change in the financial year, the process of submitting income tax returns has also changed. From the 2025-26 financial year, the new tax system was implemented in standard mode. During the submission of the income tax return (ITR), the taxpayer can see the new income tax regime in the failure mode.
Option to select the tax regime
If an income taxpayer has to pay the income tax based on the old income tax regime, he must change it and carry out the income tax from the old system. The taxpayers have the option of selecting the tax regime. Those who believe that the old plate is an advantage for you can use the old plate system.
Ca Ashish Rohati and CA Rashmi Gupa said that beneficiaries without business income have the opportunity to choose the system for each year. Therefore, you can select the old tax system in one financial year and the new tax system in the other year.
Can submit itr with a new regime
He said that if an employer has deducted TDS of his employee under the old system, the employee can submit ITR according to the new regime if he wants. He said that other things have changed from April 1st.
Changes from April 1st
- Under this, new review regulations were carried out to prevent bank fraud. Apart from that, the check number, the date, the name of the beneficiary and the amount for the check number of more than five thousand rupees must be checked.
- New functions are also added to the Rupie debit card. It will also offer facilities such as visiting the Airport Lounge, Insurance, etc. Apart from that, the limit of the free transaction from the ATM is only three times.
- Rules are also implemented in terms of the minimum balance limit. The maximum limit of the TDS deduction for seniors was also increased to a Lakh rup. This amount used to be 50,000 rupees.
Now there is no income tax up to 12 lakh
- In the new tax regime, up to 12 LAKH will not pay any tax. In addition, the limit for submitting updated tax returns is increased from 24 months to 48 months.
- The limit of the TDS deduction for rental income for landlords was increased to 6 LAKH per year. In the past, there were 20 thousand RS 2 LAKH per year.
- Foreign transactions of more than 10 rupees Lakh are subject to TCS (tax -covered on the source). In the past, this border was RS 7 Lakh.
The long -term capital gain limit will increase
- CA Ashish Rohtagi and CA Rashmi Gupta said that after the change in income tax on April 1, the TDS deduction to dividend yields will now be achieved RS 10,000 a year.
- In the past it was 5,000 RS. The limit of long -term exemption from capital gain in the amount of 1.25 LAKH of 1.25 rupees was now made.
- Partnership companies now have to deduct them to their partners for salary and capital. This was not applicable in the past.
