Income Tax Updates – India (May 2025) 🧾 1. ITR Fil...

Income Tax Updates – India (May 2025) 🧾 1. ITR Filing for AY 2025–26 Has Started The Income Tax Department has opened the portal for filing Income Tax Returns (ITRs) for Assessment Year 2025–26 (FY 2024–25). ITR-1 to ITR-4 forms are now live on the Income Tax e-filing portal. Deadline for salaried individuals: July 31, 2025 🧮 2. New Tax Regime Is Default (From FY 2023–24 onwards) Under Section 115BAC, the new regime is now the default, but taxpayers can still opt for the old regime while filing. New Regime Tax Slabs (FY 2024–25): Income Slab Tax Rate ₹0 – ₹3, 00, 000 0% ₹3, 00, 001 – ₹6, 00, 000 5% ₹6, 00, 001 – ₹9, 00, 000 10% ₹9, 00, 001 – ₹12, 00, 000 15% ₹12, 00, 001 – ₹15, 00, 000 20% Above ₹15, 00, 000 30% 💡 Rebate under Section 87A extended to income up to ₹7 lakh (effectively 0 tax liability). 📢 3. Key Changes in ITR for AY 2025–26 New reporting requirement for income from cryptocurrencies and foreign virtual digital assets (VDAs). Mandatory disclosure of: Interest earned from savings and FDs (pre-filled in AIS/TIS). Agricultural income (if applicable). Pre-filled AIS (Annual Information Statement) updated with more data sources like credit card spends, property purchases, and stock trading. 🧾 4. TDS/TCS Updates TCS on Foreign Remittances under LRS: 20% TCS on foreign tour packages and remittances (over ₹7 lakh/year) still applicable. No TCS on foreign education remittances funded via loans. TDS on online gaming: Deducted at 30% under Section 194BA (mandatory from FY 2023–24). 🧑‍💼 5. AIS (Annual Information Statement) Enhanced Now includes: UPI transactions summary Credit card spends (over ₹10 lakh) Stock dividend and bonus shares Helps reduce mismatches during return filing. 📅 Important Due Dates – June 2025 Activity Due Date TDS/TCS Return (Q4 FY24) May 31, 2025 ITR Filing (Individuals/Audit not required) July 31, 2025 Form 16 Issuance by Employers June 15, 2025 Advance Tax 1st Installment (FY25) June 15, 2025