Tax · ITR + slabs
Income Tax
India runs two parallel tax regimes (old + new) since 2020. Most salaried earners are now defaulted into the new regime, but the old regime still wins for many specific scenarios — especially home-loan-takers + 80C maxers + HRA claimers. Pick by running BOTH numbers, not by following advice.
Who needs this
Every Indian earning above the ₹3L exemption (new regime) or ₹2.5L (old regime) — that's ~70M Indians. ITR filing required if income exceeds threshold or if specific conditions apply (foreign assets, business income, etc.).
Key dates
- ITR filing deadline (most individuals)Jul 31, 2026
- ITR filing — audit casesOct 31, 2026
- Advance tax instalmentsJun 15 / Sep 15 / Dec 15 / Mar 15
- Belated return final cutoffDec 31, 2026
Key decisions
- Q1
Old regime or New regime?
Run both via our Old vs New calculator. Rule of thumb: if your 80C+80D+HRA+24(b) deductions exceed ₹3.75L, old regime usually wins. Otherwise new wins.
- Q2
Which ITR form?
ITR-1 (Sahaj): salaried + 1 house + interest income up to ₹50L. ITR-2: capital gains, foreign assets, > ₹50L. ITR-3: business/professional income. ITR-4: presumptive (44ADA freelancers).
- Q3
Should I pay advance tax?
Yes if total tax liability > ₹10K and TDS doesn't cover it. 4 instalments: 15%/45%/75%/100% by Jun 15, Sep 15, Dec 15, Mar 15. Penalty under 234B/234C if missed.
- Q4
Belated return penalty?
Late filing: ₹1K penalty (income < ₹5L) or ₹5K (income > ₹5L). Plus 1%/month interest on unpaid tax. File by Jul 31 to avoid.
CBDT rules + tax-act references
- New regime is DEFAULT from FY 2024-25. Opt out by filing Form 10-IEA at filing time.
- Standard deduction: ₹50K (old) / ₹75K (new). Salaried + pensioners only.
- Section 87A rebate: ₹12.5K (old, taxable income ≤ ₹5L) / ₹60K (new, taxable income ≤ ₹12L per Budget 2025).
- Tax slabs change by Finance Act each year — verify before filing.
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Recommended →Old vs New tax regime calculator