The new deadline for filing income tax returns for the financial year 2024-25 (assessment year 2025-26) has been extended till Sept. 15. To file ITRs, taxpayers will need to choose between the old and new tax regimes and submit their returns on time to avoid penalties.
The old regime allows for various deductions and exemptions, such as under Sections 80C, 80D and HRA, which can significantly reduce the taxable income and overall tax liability. The new regime offers lower tax rates, but fewer deductions.
