ITR Filing Rule Changed: There has been a big 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 pay 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.
Now with the change in the financial year, there has been a change in the process of filing income tax returns. 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 they 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 said that eligible persons without any business income will have the option to choose the system for each year. So they can choose the old tax system in one financial year and the new tax system in the next year.
Can file ITR with new regime
He said 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 said 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, for check payment of more than five thousand rupees, now the check number, date, beneficiary’s name and amount will have to be verified.
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 Rs 1 lakh. This amount was earlier Rs 50 thousand.
Now there will be no income tax up to Rs 12 lakh
In the new tax regime, no tax of any kind will be 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 Rohatgi and CA Rashmi Gupta said that under the income tax changes, from April 1, TDS deduction on dividend income will now be made Rs 10 thousand per annum.
Earlier it was Rs 5 thousand. Along with this, changes have been made in capital gains and the limit of long term capital gain exemption has been increased to Rs 1.25 lakh.
Partnership firms will now have to compulsorily deduct TDS on salary and capital inflow to their partners. This was not applicable earlier.
Most Read Articles:
- Ayushman Card: These documents are very important to get Ayushman card, see here before applying
- Traffic Rules: Big news! Traffic police will issue a challan of ₹5000 without this document, apply for the document from home immediately
- Credit Card Link UPI: Link your credit card to UPI from home, know step-by-step guide
