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Tax-effiling.com is dedicated to simplifying the tax filing process for salaried individuals. Our mission is to provide a seamless, secure, and efficient platform for filing income tax returns. With years of experience in the industry, we understand the challenges faced by taxpayers and strive to make the process as smooth as possible.
We have a team of tax experts who provide services from tax e-filing, answering notices issued under various sections, tax advisory, and audit preparation services with the help of experts. Our team consists of tax practitioners, lawyers, and chartered accountants.
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Filing your income tax return (ITR) is an annual obligation for salaried individuals. For the financial year (FY) 2024-25, it is essential to understand the various deductions available, the tax rates under the new and old regimes, and the due dates for filing your return.
Several deductions can help reduce your taxable income, thereby lowering your tax liability. Some of the key deductions available for salaried individuals include:
For FY 2024-25, taxpayers have the option to choose between the old tax regime and the new tax regime. Here are the tax rates under both regimes:
Under the old tax regime, taxpayers can claim various deductions and exemptions such as those under Section 80C, 80D, 24(b), and others. However, under the new tax regime, most of these deductions and exemptions are not available. Taxpayers opting for the new regime will have to forgo these benefits in exchange for lower tax rates.
The standard deduction for salaried individuals under the old tax regime is ₹50,000 for FY 2024-25. However, the Budget 2024 has increased the standard deduction by ₹25,000, bringing the new limit to ₹75,000 under the new regime. This applies to all taxpayers opting to file their taxes under the new regime, as compared to the previous limit of ₹50,000.
The Budget 2024 introduced several amendments affecting salaried individuals. Key changes include an increase in the standard deduction from ₹50,000 to ₹75,000 under the new regime, and additional benefits for home loan interest under Section 24(b). These amendments aim to provide more relief to taxpayers and encourage investments in housing.
Our team at Tax-effiling.com calculates your tax liability under both the old and new regimes and applies the regime that is most beneficial to you, helping you save on taxes. You will not need to go anywhere; our team ensures that the beneficial regime is applied before filing. We also cross-check the income reported with Form 26AS, AIS, and TIS. In the case of new taxpayers, we assist in creating a registration with the income tax website. Our top priority is to maintain the secrecy of your data.
The due date for filing your income tax return for FY 2024-25 is 31st July 2025. It is crucial to file your return on or before this date to avoid penalties and interest on late filing.
Filing your income tax return is a vital financial responsibility. Understanding the available deductions, choosing the right tax regime, and adhering to the due dates can help you manage your taxes efficiently. If you need assistance, our team of tax experts at Tax-effiling.com is here to help you with all your tax-related queries and services.