Introduction
As the tax season approaches, staying ahead of India’s latest financial rules is essential for both individuals and businesses. With multiple changes in tax slabs, deduction limits, and filing processes, understanding how these updates affect income tax return filing in Delhi and Lucknow can help you save time, reduce tax liability, and avoid penalties.
At FilingPool, we simplify complex tax matters making tax filing for salaried individuals, professionals, and business owners seamless, secure, and error-free. Whether you’re searching for the best CA in Delhi for ITR or a trusted ITR firm in Lucknow, this guide covers all you need to know for filing your ITR in 2025 confidently.
What is ITR and Why Filing It Matters
ITR (Income Tax Return) is a form through which taxpayers declare their income, expenses, deductions, and taxes paid. Filing ITR is mandatory for individuals and businesses whose income crosses the basic exemption limit or those who wish to claim tax refunds, carry forward losses, or maintain compliance with Indian tax laws.
Whether you’re a salaried employee, a freelancer, or a business owner, filing ITR in 2025 is your financial and legal responsibility and an opportunity to optimize savings.
New Financial Rules for 2025:
The Union Budget 2024 and subsequent amendments have introduced several financial rule changes that directly impact your income tax return for FY 2024–25 (AY 2025–26). Understanding these updates is essential for accurate tax planning and compliance.
1. New Tax Regime is Now the Default
Taxpayers will be automatically placed under the New Tax Regime, unless they specifically opt for the Old Regime. While the new regime offers lower slab rates, it restricts most deductions and exemptions.
2. Enhanced Standard Deduction
Under the New Regime, a standard deduction of ₹50,000 is now officially available to salaried individuals and pensioners, aligning it with the benefit previously exclusive to the Old Regime.
3. Revised Section 87A Rebate
Taxpayers under the New Regime with income up to ₹7 lakh can claim a full rebate, resulting in zero tax liability. This change aims to benefit low and middle-income earners.
4. Capital Gains Categorization Change
Capital gains are now split based on transactions before and after July 23, 2024, as per the amendments in the Finance Act, 2024. Taxpayers must report capital gains accordingly in their ITR forms.
5. Reporting Threshold for Assets & Liabilities Increased
The threshold for disclosing assets and liabilities in the ITR form has been raised to ₹1 crore total income. If your total income exceeds this, detailed disclosure is now mandatory.
6. New Presumptive Taxation Section (44BBC)
A new presumptive taxation section has been introduced under Section 44BBC for non-resident cruise operators. 20% of their passenger revenue is deemed taxable income.
7. Capital Loss on Share Buyback – Clarification
Capital loss on share buybacks (from October 1, 2024 onward) will be allowed only if the corresponding dividend income is reported under ‘Income from Other Sources.’
8. Enhanced Deduction Reporting Requirements
Deductions under sections such as 80C, 80D, and 10(13A) now require more detailed disclosures during filing, including investment proof and eligibility documentation.
9. Mandatory TDS Section Code Disclosure
In Schedule-TDS of the ITR form, taxpayers must now specify the TDS section code. This ensures more accurate reconciliation between tax deducted and income declared.
Summary of Important Updates:
- The New Tax Regime remains the default option, offering lower tax rates with fewer exemptions.
- Revised tax slabs and standard deduction for salaried employees.
- Enhanced reporting requirements for deductions and capital gains.
- Changes in capital gain categorization and asset disclosure thresholds.
Old vs. New Tax Regime in 2025: Which One Should You Choose?
| Income Slab | Old Regime (with deductions) | New Regime (without most deductions) |
| Up to ₹2.5 lakh | Nil | Nil |
| ₹2.5 – ₹5 lakh | 5% | 5% (rebate u/s 87A) |
| ₹5 – ₹7.5 lakh | 20% | 10% |
| ₹7.5 – ₹10 lakh | 20% | 15% |
| ₹10 – ₹12.5 lakh | 30% | 20% |
| ₹12.5 – ₹15 lakh | 30% | 25% |
| Above ₹15 lakh | 30% | 30% |
Tip: Taxpayers should evaluate both regimes based on their income, deductions (like 80C/80D), and overall tax impact. FilingPool’s experts help individuals in Delhi and Lucknow make data-backed choices.
Tax Impacts on Salaried Individuals in 2025
- Standard Deduction: Continues under both regimes. Reconfirmed at ₹50,000.
- HRA & LTA: Only available under the Old Regime, subject to conditions.
- Section 80C Deductions: Still relevant under Old Regime for PPF, ELSS, LIC, home loan principal.
- Section 80D: Deductions for health insurance premiums remain unchanged.
- NPS (80CCD(1B)): Additional deduction of ₹50,000 available for NPS contributions.
New Rules for Business Owners & Other Incomes
- Business Income: New audit thresholds and presumptive taxation limits apply. Digital compliance norms are stricter.
- Capital Gains: Capital gains are now to be categorized based on timelines (e.g., before/after July 23, 2024).
- Rental Income: Reporting obligations updated for multiple properties or high-value rentals.
Which ITR Form Should You Use in 2025?
- ITR-1: For salaried individuals with income up to ₹50 lakh (without business income).
- ITR-2: For salaried with capital gains, foreign income, or multiple properties.
- ITR-3: For business/professional income (proprietorships).
- ITR-4: For those under presumptive taxation.
Maximize Your Deductions in 2025
Changes in reporting mean taxpayers must submit detailed proofs for all deductions claimed. Here’s how to optimize your savings:
- Claim popular deductions under Sections 80C, 80D, 80E, 80CCD(1B), and more.
- Use investment tools like PPF, ELSS, health insurance, and NPS effectively.
- Track and reconcile your Form 26AS, AIS, and TIS before submitting your return.
Step-by-Step Guide to Filing ITR in 2025
- Gather Documents: Form 16, rent receipts, investment proofs, bank statements, TDS/TCS certificates.
- Choose Tax Regime: Evaluate both regimes for tax savings.
- Select Correct ITR Form: Based on income type.
- File Online: Through the e-filing portal or with FilingPool’s expert assistance.
- Verify ITR: Complete mandatory e-verification within 30 days.
- Track Refund/Notices: Stay updated post-filing with FilingPool’s post-service support.
Preparing for Future Changes
The Income Tax Act is ever-evolving. Staying informed on updates and consulting with professionals can save time and money. FilingPool’s tax experts in Delhi and CA’s in Lucknow for ITR can help you plan smartly and stay compliant year after year.
How FilingPool Helps You Master ITR Filing in 2025
At FilingPool, we don’t just file your return, we provide an end-to-end solution designed for your convenience and compliance.
Our Services Include:
- Tax regime analysis tailored to your income type
- ITR filing for salaried, business, and professionals
- Expert assistance with deduction planning
- E-filing and post-filing support
- CA-reviewed filing and personalized tax consultations
- Trusted support for income tax return filing in Delhi and Lucknow
Need help with your ITR?
Contact FilingPool for reliable, expert-backed tax services. Let’s simplify your tax season together.
Conclusion: Your Path to Stress-Free Tax Compliance in 2025
Understanding the financial rules for 2025 is crucial for making informed tax decisions. Whether you’re filing ITR for salaried person in Delhi or managing professional income in Lucknow, proactive planning and expert guidance go a long way.
Choose FilingPool your trusted ITR partner ensuring accurate, timely, and hassle-free compliance across every income category.
