ITR Filing: Income Tax Slabs For Salaried Individuals Under New Regime And Old Regime

(MENAFN- Live Mint) The Income Tax (I-T) Department has extended the deadline for filing income tax return (ITR) for FY 2024-25. The revised due date is now September 15, 2025, extended from the original deadline of July 31, 2025, giving taxpayers an extra 45 days to complete their filings.

The Central Board of Direct Taxes (CBDT) extended the deadline for filing returns due to significant changes introduced in the notified ITRs and considering the time required for system readiness and rollout of ITR utilities for Assessment Year (AY) 2025-26.

Income tax slabs in new regime

The new tax regime is the default option for taxpayers. Salaried individuals can opt out and choose the old regime if they wish to while filing ITR for FY 2024-25. A belated ITR, submitted after the due date has expired, can only be filed under the new tax regime.

Income tax slabs under new tax regime

Income slabs (in INR)Income tax rate (in %)

0-3,00,000	0
3,00,001-7,00,000	5
7,00,001-10,00,000	10
10,00,001-12,00,000	15
12,00,001-15,00,000	20
15,00,001 and above	30

Source: Income Tax Department

Key deductions and rebates

• Standard deduction: Under the new tax regime, salaried individuals and pensioners can claim a standard deduction of ₹75,000 from their salary or pension income.
• Section 87A rebate: Under the new tax regime, a resident individual whose net taxable income does not exceed ₹7 lakh is eligible for a tax rebate of up to ₹25,000. This effectively means zero tax liability for those individuals whose taxable income does not exceed ₹7 lakh.

Also Read | Filing ITR for 1st time? Don't miss this detailed guide from the Income Tax Dept

• NPS contribution: Salaried employees can also claim a deduction of up to 14% of their basic salary under Section 80CCD (2) if they opt for the new tax regime when filing the ITR.

No tax up to ₹12 lakh of income

It's important to note that the government's announcement of zero tax on incomes up to ₹12 lakh applies to the current financial year, 2025-26.

Also Read | Nirmala Sitharaman to table new Income Tax Bill in Lok Sabha today

Hence, this is not applicable to the current ITR filing for FY 2024-25 and will only exempt tax on the income earned between April 1, 2025 and March 31, 2026.

Income tax slabs in old tax regime

There is no change that has been announced in the income tax slabs under the old tax regime. A taxpayer can choose to opt for this regime while filing their ITR on or before the due date.

Also Read | What are the modes of filing? Can you file returns after due date? FAQs answered

The slabs depend on the taxpayer's age in FY 2024-25, i.e., between April 1, 2024, and March 31, 2025.

Income tax slabs for people below 60 years

Income slabs (in INR)Income tax rate (in %)

0-2,50,000	0
2,50,001-5,00,000	5
5,00,001-10,00,000	20
10,00,001 and above	30

Source: Income Tax Department

Income tax slabs for people aged above 60 years but below 80 years

Income slabs (in INR)Income tax rates (in %)

0-3,00,000	0
3,00,001-5,00,000	5
5,00,001-10,00,000	20
10,00,001 and above	30

Source: Income Tax Department

Income tax slabs for people aged over 80 years

Income slabs (in INR)Income tax rate (in %)

0-5,00,000	0
5,00,001-10,00,000	20
10,00,001 and above	30

Source: Income Tax Department

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