Filing under old tax regime? New ITR rules you should know in 2025
If you're a salaried person and usually file your income tax return (ITR) under the old tax regime, there's something new you need to be aware of this year. Just using Form 16 won't be enough any more. The tax department now wants a little more proof from your side.WHAT CHANGED IN ITR FILING THIS YEAR?Earlier, if your only income was from your salary, you could easily file your return using Form 16 through ITR-1. You would declare any tax-saving investments, like LIC, ELSS mutual funds, or health insurance, to your employer. They included everything in Form 16, and that was good enough. You didn't need to upload any documents.advertisementExperts say that the tax department is focusing more on transparency and preventing false claims. So, you'll need to keep records ready when filing.MORE DOCUMENTS FOR SPECIFIC DEDUCTIONS
Some deductions now need more detailed information, such as while claiming for a disabled dependent under Section 80DD or 80U, you'll need to give details like Form 10-IA, their PAN/Aadhaar, and UDID (if available). Further, if you are claiming interest on an education loan under Section 80E, be ready to share details of the lender, as these may be verified by the tax department.Taxpayers must provide proof of deductions under sections like 80C, 80D, and HRA, which was not mandatory in previous years. The new rules demand comprehensive record-keeping, placing a greater responsibility on taxpayers to gather and maintain all relevant documentation before filing their returns.advertisementHere, it must be pointed out that if you claim something but don't have the documents, your claim may be rejected. You might even have to pay extra tax.CHANGES IN LONG-TERM CAPITAL GAINS REPORTINGKey changes include the ability for taxpayers to report long-term capital gains of up to Rs 1.25 lakh in the ITR-1 form, provided these gains are from equity mutual funds or shares.Notably, gains realised after July 23, 2025, will not be taxed. Additionally, the deadline for filing ITR for those not requiring an audit has been extended from July 31 to September 15, 2025. This extension provides additional time for taxpayers to ensure compliance with the new documentation requirements.So, if you're sticking with the old tax regime this year, take a little extra time to get organised. Keep all your receipts, policy documents, rent proofs, and other records ready before you start filing. It'll not only make the process smoother but also help avoid any issues later with the tax department.Trending Reel
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