Indian ITR Declaration Guide
Master your tax planning for FY 2025-26. Compare New vs Old regime and stay compliant with filing deadlines.
ITR Planner
FY 2025-26 Default
New Tax Regime
Standard Deduction
₹75,000
Filing Deadline
31st July 2026
Trusted by tax experts
UpdateStandard Deduction increased to ₹75,000 for salaried employees.
Tax Regime Quick Compare
| Regime Type | Best For |
|---|---|
| New Tax Regime (Default) | Minimal Investments |
| Old Tax Regime | High Deductions (>₹3.75L) |
| Standard Deduction | All Salaried Employees |
Key differences between Indian tax regimes for FY 2025-26.
The Filing
Lifecycle
Tax filing isn't a one-day event. It's a structured process of verification and declaration.
1. Document Gathering
Before you log in to the portal, you need your "Evidence Pack". This ensures your numbers match the Income Tax Department's records.
- Form 16: TDS certificate from employer.
- Form 26AS: Tax credit statement.
- AIS: Annual Information Statement.
- Interest Certs: From savings/FD accounts.
2. New vs Old Regime
The New Tax Regime is now the default. It offers lower tax rates but removes most exemptions.
When to switch to Old?
Only if your total deductions (HRA + 80C + 80D + Home Loan Interest) exceed ₹3.75 Lakhs, the Old Regime might save you more. Otherwise, stick to New.
Tax Planning for
FY 2025-26
1. Declaration to Employer
Start your year right. Declare your planned investments (SIPs in ELSS, Insurance premiums) in April. If you don't, your employer will deduct higher TDS based on the default New Regime.
2. Verify Your AIS Quarterly
Don't wait until July to check your Annual Information Statement. Log in to the tax portal quarterly to ensure all high-value transactions are recorded correctly.
Common ITR Questions
What happens if I miss the July 31st deadline?
You can file a 'Belated Return' until December 31st, but you will have to pay a late fee (up to ₹5,000) and you cannot carry forward any losses.
I have no taxable income. Should I still file ITR?
Yes. Filing a 'Nil Return' serves as a valid proof of income for visa applications, loan approvals, and claiming tax refunds.
When will I get my tax refund?
Refunds are processed after you 'E-Verify'. Typically, refunds are credited within 20-45 days, though the government is pushing for under 10 days.
Can I switch between Old and New Regimes every year?
Salaried employees can choose between the two regimes every year based on what benefits them most at the time of filing.