India prime I Tech Desk I Jaipur I “Income Tax 2024-25: Expert Guide to ITR Filing & Savings I Navigating income tax laws can be daunting, but with the right strategies, you can maximize savings and avoid penalties. This 3000-word guide covers everything from FY 2024-25 updates and ITR filing steps to tax-saving investments and deadline extensions. Whether you’re a salaried employee, freelancer, or senior citizen, unlock actionable insights to stay compliant and save smarter.
Income Tax 2024-25: Key Changes You Can’t Afford to Miss
The Finance Ministry has introduced critical updates for FY 2024-25:
New Tax Regime Tweaks: Default tax regime with revised slabs (₹0 tax up to ₹3 lakh, 10% for ₹3-7 lakh).
Higher Standard Deduction: Increased to ₹75,000 for salaried individuals.
Digital Push: Pre-filled ITR forms now include capital gains and interest income (Times of India).
TDS on Online Gaming: 30% TDS on net winnings above ₹100 per game.
Pro Tip: Use the Income Tax Calculator to compare old vs. new regimes.
Step-by-Step ITR Filing Guide for FY 2024-25
1. Gather Documents
Form 16 (for salaried)
Bank statements, AIS/TIS from the e-filing portal.
Proof of investments (Section 80C, 80D).
2. Choose the Right ITR Form
ITR-1 (Salaried, income < ₹50 lakh)
ITR-2 (Capital gains/multiple house properties)
3. File Online
Log in to the e-filing portal.
Upload pre-filled JSON, verify deductions, and submit.
5 Tax-Saving Strategies to Reduce Liability
Maximize Section 80C: Invest ₹1.5 lakh in ELSS, PPF, or home loan principal.
Health Insurance (Section 80D): Claim up to ₹75,000 for family+parents.
NPS (Section 80CCD(1B)): Extra ₹50,000 deduction.
Home Loan Benefits: Deduct interest up to ₹2 lakh (Section 24).
Donations (Section 80G): Save tax by donating to NGOs.
Avoid This Mistake: Filing ITR before June 15 may lead to errors due to missing Form 16 (Economic Times).
ITR Deadlines 2024-25: Don’t Miss Out!
July 31, 2024: For individuals/businesses without audit.
October 31, 2024: For audited accounts.
Possible Extension? E-filing glitches might delay deadlines (Financial Express).
7 Common ITR Filing Mistakes & How to Avoid Them
Ignoring AIS Reconciliation: Mismatches trigger notices.
Wrong ITR Form Selection: Leads to rejection.
Missing Deductions: Double-check Section 80C/80D claims.
Forgetting Foreign Assets: Mandatory for income > ₹50 lakh.
Late Filing: Penalty of ₹5,000 (post-deadline).
Ignoring Tax on Freelance Income: Report under ‘Income from Business’.
Skipping ITR Verification: Use Aadhaar OTP or EVC.
FAQs: Your Income Tax Queries Answered
Q1. Can I switch between old and new tax regimes?
Yes! Salaried employees can choose annually; businesses must decide before filing.
Q2. How to claim a refund?
Update bank details on the e-filing portal; refunds process in 3-6 months.
Q3. Is cryptocurrency taxable?
Yes! 30% tax on gains + 1% TDS on transfers.
Image Prompt 4 (FAQ Visual):
“Collage of common tax questions with speech bubbles, checkmarks, and a magnifying glass – friendly, approachable design.”
Why Delay? Start Your ITR Filing Today!
With pre-filled forms and AI-driven tools, filing taxes is simpler than ever. Use this guide to dodge penalties, claim maximum deductions, and stay stress-free.
Need Help? Explore ClearTax for automated filing or consult a CA.
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