Navigating ITR Filing for FY 2024-25: Key Changes Introduced in Budget 2025-26

Introduction

Filing an Income Tax Return (ITR) is a crucial annual responsibility for individuals, businesses, and professionals in India. With every financial year, the government introduces new policies, tax slabs, and compliance measures to streamline the taxation process and encourage transparency. As we step into the financial year (FY) 2024-25, taxpayers must be aware of the latest amendments introduced in the Union Budget 2025-26 to ensure compliance and maximize tax benefits.

The Union Budget 2025-26 is particularly significant as it shapes the country’s economic policies and taxation structure. Whether you are a salaried employee, business owner, freelancer, or investor, understanding the latest changes in ITR filing rules can help you save taxes, avoid penalties, and ensure smooth compliance with the Income Tax Department’s regulations.

In this article, we will explore the key updates in ITR filing for FY 2024-25, including revised tax slabs, deductions, and procedural changes, and how they impact different categories of taxpayers. Additionally, we will discuss the role of expert tax consultants like S Sekhar & Co. (SSCO India) in simplifying tax filing and helping individuals and businesses optimize their tax liabilities.


Importance of Staying Updated with Union Budget 2025-26 Amendments

The Union Budget plays a pivotal role in shaping India's taxation system. Each year, the government reviews and revises tax policies to accommodate the nation’s economic growth, control inflation, and promote investments. For FY 2024-25, the budget has introduced several modifications that will impact how taxpayers file their ITRs. Staying informed about these amendments is essential because:

  1. Tax Slabs and Rates May Change – The budget may introduce new tax brackets or revise the existing rates under the old and new tax regimes, affecting how much tax you pay.
  2. New Deductions and Exemptions – Some tax-saving avenues may be revised or removed, impacting your ability to claim deductions under Section 80C, 80D, HRA, and Standard Deduction.
  3. Stricter Compliance and Reporting Measures – The Income Tax Department is constantly enhancing its digital infrastructure, incorporating AI-based monitoring and real-time tracking to detect discrepancies and tax evasion.
  4. Revised Penalties and Late Filing Consequences – The penalties for late filing, incorrect disclosures, or non-compliance may be modified to ensure timely tax payments.

Given the complexity of tax regulations and frequent updates, consulting a professional tax advisor like S Sekhar & Co. (SSCO India) ensures that you stay compliant while making the most of available tax benefits.


How Tax Policy Changes Impact Individuals, Businesses, and Professionals

1. Impact on Salaried Individuals

For salaried employees, the new tax slabs and deductions introduced in Budget 2025-26 will determine their take-home salary, tax liabilities, and refund eligibility. Employees must evaluate whether the old tax regime (which allows deductions) or the new tax regime (which offers lower tax rates but no deductions) is more beneficial.

Other factors affecting salaried individuals include:

  • Changes in standard deduction for salary and pension income.
  • New exemptions for house rent allowance (HRA) and leave travel allowance (LTA).
  • Taxation on employer contributions to provident funds and gratuities.

2. Impact on Business Owners & Professionals

Businesses, freelancers, and professionals must comply with updated GST-TDS provisions, advance tax payments, and digital transaction reporting. The Union Budget may introduce:

  • Changes in corporate tax rates for small and large businesses.
  • New tax benefits for startups under Section 80-IAC and other provisions.
  • Revised GST Input Tax Credit (ITC) rules impacting cash flow and compliance.

For businesses, proper tax planning is crucial to reduce liabilities and ensure compliance with both direct (income tax) and indirect taxes (GST). Consulting experts like S Sekhar & Co. (SSCO India) can help businesses optimize their tax structure and avoid penalties.


3. Impact on Investors & High-Net-Worth Individuals (HNWIs)

Investors dealing in stocks, mutual funds, cryptocurrencies, and real estate must be aware of any new:

  • Capital gains tax amendments affecting short-term and long-term investments.
  • Wealth tax or surcharge changes for high-income individuals.
  • Updated reporting requirements for foreign income and assets.

4. Special Considerations for Senior Citizens & NRIs

Senior citizens and Non-Resident Indians (NRIs) may see revised tax provisions, including:

  • Higher exemption limits for pension income and savings interest.
  • Simplified ITR filing processes for senior citizens above 75 years.
  • New tax rules for NRIs related to foreign income and remittances.

Key Changes in ITR Filing for FY 2024-25

The Union Budget 2025-26 has introduced several amendments to the Income Tax Return (ITR) filing process, impacting individuals, businesses, and professionals. These changes aim to simplify compliance, enhance transparency, and offer tax relief to certain sections of taxpayers.

In this section, we will discuss the updated tax slabs and rates, revised deductions and exemptions, and significant changes in the ITR compliance and filing process for FY 2024-25. Understanding these modifications will help taxpayers plan their finances better and ensure timely and accurate tax filing.


1. Updated Tax Slabs & Rates

The Union Budget 2025-26 has brought key revisions in tax slabs, particularly under the new tax regime, which is being promoted as the default tax structure. The government has tweaked the income brackets and tax rates to provide relief to middle-income groups while ensuring a higher contribution from high-net-worth individuals (HNWIs).

Changes in Income Tax Brackets Under Old & New Tax Regimes

Income Slab (₹) Old Tax Regime (with deductions) New Tax Regime (without deductions) – Updated
Up to 3,00,000 Nil Nil
3,00,001 – 6,00,000 5% 5%
6,00,001 – 9,00,000 10% 10%
9,00,001 – 12,00,000 15% 15%
12,00,001 – 15,00,000 20% 20%
Above 15,00,000 30% 30%

📌 Key Changes:

  • The basic exemption limit has been increased from ₹2.5 lakh to ₹3 lakh for all taxpayers.
  • The new tax regime remains optional, but fewer deductions are allowed compared to the old regime.
  • The government is offering a standard deduction of ₹50,000 under the new tax regime, making it more attractive for salaried individuals.
  • Surcharge rates on income above ₹5 crore have been increased to 37%, ensuring higher tax contributions from the ultra-rich.

Impact on Salaried Employees, Self-Employed Professionals & Businesses

  • Salaried individuals may find the new tax regime more beneficial due to lower tax rates and simplified compliance.
  • Self-employed professionals and freelancers can choose between the old tax regime (with deductions) or the new tax regime (with lower rates) based on their income structure.
  • Businesses with high earnings must be mindful of the increased surcharge on large incomes and new reporting requirements under the ITR framework.

2. New Deductions & Exemptions

Several changes have been introduced to deductions and exemptions, impacting taxpayers' ability to save on taxes.

Revised Limits for Section 80C, 80D, HRA, Standard Deduction, etc.

  • Section 80C (Investments like PPF, EPF, NSC, etc.)
    🔹 Limit remains ₹1.5 lakh, but additional incentives have been introduced for ELSS (Equity-Linked Saving Schemes) to promote long-term investments.
  • Section 80D (Health Insurance Premiums)
    🔹 Taxpayers can now claim up to ₹1 lakh deduction for senior citizens’ health insurance, up from the previous ₹50,000 limit.
  • House Rent Allowance (HRA)
    🔹 Increased HRA exemptions for metro cities to offset rising rental costs.
  • Standard Deduction
    🔹 Standard deduction of ₹50,000 for salaried employees extended to pensioners and freelancers under both tax regimes.

Additional Tax Benefits Introduced in Budget 2025-26

  • Higher exemptions for electric vehicle (EV) loans to encourage sustainable transport.
  • Tax rebates for first-time homebuyers increased to ₹2 lakh under Section 80EEA.
  • Tax-free leave encashment limit for private sector employees raised from ₹3 lakh to ₹5 lakh.

📌 Who Benefits the Most?
Middle-class taxpayers with housing loans and insurance policies.
Senior citizens with higher medical deductions.
New homebuyers through enhanced tax incentives.


3. ITR Compliance & Filing Process Updates

The Income Tax Department is continuously working on simplifying tax compliance through digital solutions and automation. The Budget 2025-26 has introduced various measures to make ITR filing easier and reduce errors.

Revised Deadlines, Forms & Penalties for Late Filing

  • ITR Filing Deadline:
    🔹 Individual taxpayers: 31st July 2025
    🔹 Companies and audit cases: 30th September 2025
  • Late Filing Penalty:
    🔹 If filed after the deadline but before 31st December 2025, penalty of ₹5,000 applies.
    🔹 If filed after 31st December 2025, penalty increases to ₹10,000.
  • Increased scrutiny for high-value transactions in stocks, real estate, and digital assets.

Simplification Measures for Easier Return Filing

  • Pre-filled ITR Forms:
    ✅ Details like salary, interest income, and capital gains are now automatically fetched from sources such as banks, employers, and investment platforms.
  • AI-Based Verification:
    Artificial Intelligence (AI) is now being used to detect mismatches and flag suspicious transactions.
  • Single-Window Taxpayer Assistance:
    ✅ A dedicated online helpdesk has been launched to resolve tax-related queries in real time.

📌 What This Means for Taxpayers?
Faster and more accurate tax return filing.
Reduced chances of errors and mismatches.
Avoidance of penalties through AI-driven alerts.

Impact of ITR Changes on Taxpayers

The Union Budget 2025-26 has brought significant modifications to the Income Tax Return (ITR) filing process for the Financial Year 2024-25. These changes affect different taxpayer groups, including salaried individuals, businesses, professionals, senior citizens, and NRIs.

This section explores how the new tax slabs, deductions, and compliance rules impact different categories of taxpayers and how they can adapt to minimize their tax liability and maximize savings.


1. Impact on Salaried Individuals

The changes in income tax slabs, deductions, and compliance rules will significantly influence take-home salaries and financial planning for salaried employees.

New Tax Slabs & Impact on Take-Home Salary

The government continues to promote the new tax regime by making it the default system while allowing taxpayers to opt for the old regime.

Scenario 1: Employee Earning ₹10 Lakh Annually

Tax Regime Old Regime (₹) New Regime (₹) (Updated)
Gross Salary 10,00,000 10,00,000
Standard Deduction 50,000 50,000
Taxable Income 9,50,000 9,50,000
Tax Payable ₹87,500 (with 80C, HRA, etc.) ₹75,000 (without deductions)
Take-Home Salary ₹9,12,500 ₹9,25,000

Key Takeaways:
Middle-income earners benefit more from the new tax regime due to lower tax rates and reduced compliance burdens.
Employees with significant investments in PPF, EPF, insurance, and home loans may still prefer the old tax regime for deductions.
Salaried taxpayers should assess their financial goals before choosing a tax regime.

Deductions & Exemptions Affecting Salaried Individuals

  • Standard Deduction: Increased to ₹50,000 under both regimes.
  • 80C Investments (PPF, EPF, ELSS, etc.): No change, still ₹1.5 lakh cap.
  • 80D (Health Insurance Premiums): Increased to ₹1 lakh for senior citizens.
  • House Rent Allowance (HRA): Revised HRA slabs for metro cities.

📌 What Salaried Individuals Should Do:
Compare both tax regimes before filing ITR.
✔ If investments in PPF, ELSS, home loan interest, and insurance exceed ₹2 lakh, old tax regime is better.
✔ If no major investments, the new tax regime offers lower tax rates with fewer deductions.


2. Impact on Businesses & Professionals

Businesses and self-employed professionals face compliance changes, stricter reporting norms, and potential tax-saving opportunities.

Compliance Changes for Businesses

  • E-invoicing threshold reduced: Businesses with turnover above ₹5 crore must now generate e-invoices for B2B transactions.
  • TDS and TCS updates:
    🔹 Stricter reporting for freelancers and consultants receiving foreign payments.
    🔹 Higher TDS on cash withdrawals exceeding ₹1 crore annually.
  • New GST input tax credit rules: Only 100% verified invoices qualify for GST credit claims.

Tax-Saving Strategies for Business Owners & Freelancers

Optimize deductions: Leverage Section 44ADA (presumptive taxation for professionals) to reduce tax liability.
Invest in business-related expenses: Upgrade equipment, office space, or software for tax deductions.
Use depreciation benefits: Claim higher depreciation rates on machinery, IT equipment, and commercial property.
Structure income smartly: Take advantage of lower corporate tax rates by setting up an LLP or private limited company.

📌 What Businesses & Professionals Should Do:

  • Ensure timely ITR filing to avoid penalties.
  • Use AI-driven tax software for compliance and deductions.
  • Plan expenses strategically to claim maximum tax benefits.

3. Impact on Senior Citizens & NRIs

The Union Budget 2025-26 has introduced special tax relief measures for senior citizens and NRIs, focusing on lower tax burdens and simplified compliance.

Senior Citizens: Higher Tax Benefits & Simplified Compliance

  • Increased Standard Deduction:
    🔹 ₹1 lakh deduction for medical expenses & health insurance (earlier ₹50,000).
  • Simplified Filing Process:
    🔹 Senior citizens aged 75+ with only pension and interest income exempt from ITR filing.
  • Higher TDS Exemption on Fixed Deposits:
    🔹 Banks now won’t deduct TDS on FD interest up to ₹75,000 (earlier ₹50,000).

📌 What Senior Citizens Should Do:
✔ Invest in senior citizen savings schemes for additional tax savings.
✔ Use tax-free fixed deposits to avoid TDS deductions.


NRIs: Stricter Tax Reporting & Compliance Changes

  • Higher TDS on foreign remittances:
    🔹 TCS (Tax Collected at Source) on foreign remittances above ₹7 lakh remains at 5%.
  • Updated Residential Status Rules:
    🔹 NRIs who stay in India for 120+ days in a year may now be classified as residents for tax purposes.
  • Global Income Taxation:
    🔹 Foreign income from digital assets (stocks, crypto, rentals) taxable in India if the NRI is classified as a resident.

📌 What NRIs Should Do:
Keep track of their stay in India to avoid being classified as a tax resident.
Declare all foreign income transparently to avoid penalties.
Use DTAA (Double Taxation Avoidance Agreements) to prevent double taxation on global income.

Common Mistakes to Avoid While Filing ITR

Filing your Income Tax Return (ITR) for FY 2024-25 is a crucial responsibility for individuals and businesses. While recent amendments in Union Budget 2025-26 have made tax compliance easier, many taxpayers still make common errors that lead to notices from the Income Tax Department, penalties, or loss of tax benefits.

To help you file your ITR accurately and maximize your tax savings, let’s explore the most common mistakes to avoid when filing your return.


1. Errors in Income Declaration and Deductions

One of the most frequent mistakes taxpayers make is misreporting their income or claiming incorrect deductions. This can lead to tax scrutiny, penalties, and unnecessary hassles.

A. Underreporting or Omitting Income

Many taxpayers unintentionally miss out on declaring certain sources of income, such as:
Freelance or part-time income
Interest earned on savings accounts, fixed deposits (FDs), or recurring deposits
Capital gains from stock market trading or cryptocurrency transactions
Rental income from properties

📌 How to Avoid It?

  • Always cross-check your total income with Form 26AS, AIS (Annual Information Statement), and TIS (Taxpayer Information Summary) before filing.
  • Include all taxable income sources, even if tax has already been deducted at source (TDS).

B. Incorrect Claiming of Deductions & Exemptions

Taxpayers often miscalculate deductions under Section 80C, 80D, HRA, and home loan benefits, leading to errors.

Common Deduction Mistakes:
🔹 Claiming HRA without valid rent receipts.
🔹 Declaring insurance premium under 80D but missing out on proper proof.
🔹 Incorrectly including investments made after March 31, which are not eligible for deduction.

📌 How to Avoid It?
✔ Maintain proper documentation for all deductions.
✔ Use the latest tax calculators to check eligibility before claiming benefits.


2. Importance of Verifying Form 26AS, AIS, and TIS Before Filing

Many taxpayers ignore Form 26AS, AIS, and TIS, which contain pre-filled tax-related information collected by the Income Tax Department.

A. What Are These Forms?

🔹 Form 26AS: Shows TDS deducted by employers, banks, or other entities.
🔹 AIS (Annual Information Statement): Provides a detailed summary of all financial transactions, including salary, investments, property purchases, and high-value transactions.
🔹 TIS (Taxpayer Information Summary): A simplified version of AIS, helping taxpayers cross-check their income sources.

B. Why Are They Important?

Ensures no income is missed out while filing ITR.
Prevents mismatches between declared income and reported income, reducing the risk of tax scrutiny.
Confirms that TDS deducted by employers or banks has been correctly credited to your PAN.

📌 How to Avoid Mismatches?
✔ Log in to the Income Tax e-Filing portal and download Form 26AS, AIS, and TIS.
✔ Compare the data with your income records before finalizing your ITR.
✔ If discrepancies exist, correct them with your employer, bank, or financial institution before filing.


3. Consequences of Missing the Deadline or Incorrect Disclosures

A. Penalties for Late Filing

Missing the ITR filing deadline can result in heavy penalties:

  • ₹5,000 fine if filed after the due date but before December 31.
  • ₹10,000 fine if filed after December 31.
  • Loss of refund claims if not filed within the assessment year.

📌 How to Avoid Late Filing?
✔ Set reminders for the ITR deadline (July 31 for individuals, October 31 for businesses).
✔ Use platforms like SSCO India (S Sekhar & Co.) for timely tax filing assistance.

B. Incorrect Disclosures & Tax Scrutiny

Filing incorrect information, whether intentional or by mistake, can trigger tax scrutiny and notices.

🔹 Mismatch in Income & Expenses: If your declared income does not match AIS or TIS, expect a tax notice.
🔹 Claiming false deductions: The IT department uses AI-driven verification to detect invalid deductions.
🔹 Hiding foreign income: NRIs and residents with global income must report earnings to avoid scrutiny.

📌 How to Ensure Accuracy?
✔ Use ITR validation tools before submitting the return.
✔ Keep all supporting documents for deductions and exemptions.
✔ Consult a professional tax expert like S Sekhar & Co. for error-free filing.


4. Other Common Mistakes & How to Avoid Them

A. Choosing the Wrong ITR Form

Selecting the wrong ITR form can lead to the rejection of your tax return.

ITR-1: Salaried individuals with income up to ₹50 lakh.
ITR-2: Individuals with capital gains, foreign assets, or rental income.
ITR-3 & ITR-4: Business owners, professionals, and freelancers.

📌 How to Avoid It?
✔ Use the Income Tax Department’s online ITR tool or seek expert help from SSCO India.

B. Not E-Verifying the ITR After Filing

Many taxpayers file their returns but forget to e-verify, leading to non-processing of refunds.

📌 How to Avoid It?
E-verify your ITR within 30 days via Aadhar OTP, net banking, or DSC.

C. Ignoring Advance Tax Payments

Freelancers and businesses earning above ₹10,000 in tax must pay advance tax in installments.

📌 How to Avoid It?
✔ Use SSCO India’s tax estimation tools to calculate advance tax liabilities.

Why File ITR with SSCO India (S Sekhar & Co.)?

Filing your Income Tax Return (ITR) for FY 2024-25 is more than just a legal requirement—it’s an opportunity to maximize tax savings, avoid penalties, and ensure financial compliance. With the recent changes introduced in Union Budget 2025-26, tax filing has become even more complex, requiring expert guidance to navigate deductions, exemptions, and compliance rules effectively.

At SSCO India (S Sekhar & Co.), we offer professional tax consultancy and seamless e-filing services to help individuals, businesses, and corporate clients file their taxes accurately and efficiently. Here’s why you should choose SSCO India for filing your ITR:


1. Expert Tax Consultants for Complex Tax Cases

Filing taxes is not just about submitting numbers—it requires an understanding of tax laws, compliance requirements, and financial structuring. S Sekhar & Co. (SSCO India) has a team of expert tax consultants with years of experience in handling:
Salaried professionals looking for maximum deductions.
Business owners and self-employed individuals managing multiple income sources.
NRIs and expatriates needing specialized tax guidance.
Corporates with complex tax structures and compliance requirements.

📌 Why Expert Guidance Matters?

  • The latest tax amendments may impact your income slabs, deductions, and tax liability.
  • Tax laws differ for freelancers, businesses, startups, and salaried professionals—choosing the wrong approach can result in penalties.
  • Our tax experts analyze your financial details to help you file an accurate and optimized return.

At SSCO India, we simplify the process, ensuring you never miss out on any tax-saving opportunity.


2. Hassle-Free E-Filing with Professional Guidance

Filing ITR manually can be tedious, confusing, and prone to errors. SSCO India offers a seamless e-filing experience with:
End-to-End Assistance – From document collection to submission.
AI-Powered Verification – Ensuring accuracy in income and deduction claims.
Pre-Filled ITR Forms – Making tax filing quick and effortless.

📌 How Our E-Filing Service Works?
1️⃣ Consultation: Our experts review your income sources, investments, and deductions.
2️⃣ Data Collection: We fetch your financial records, Form 26AS, AIS, and TIS for cross-verification.
3️⃣ Tax Optimization: We identify all eligible exemptions and deductions to reduce tax liability.
4️⃣ Error-Free Submission: We file your ITR accurately and ensure proper compliance.
5️⃣ Instant Acknowledgment: Receive confirmation of your ITR submission along with a refund tracking service.

No more struggling with tax portals—our experts handle everything for you!


3. Maximized Deductions & Tax Savings

Why pay more taxes than necessary? Many taxpayers miss out on deductions and exemptions simply because they are unaware of them. SSCO India ensures you claim every tax benefit you’re eligible for:

Deductions under Section 80C (₹1.5 lakh limit) – LIC, EPF, PPF, NSC, etc.
Medical Insurance (Section 80D) – up to ₹1 lakh for family & parents.
HRA & Home Loan Interest (Sections 10 & 24) – Maximize savings on rent and EMIs.
Standard Deduction (₹50,000 for salaried individuals).
Education Loan & Donations (Sections 80E & 80G).

📌 Why Choose SSCO India?
✔ Our experts analyze your financial records and suggest the best tax-saving strategies.
✔ We maximize deductions to legally reduce your tax liability.
✔ With proper planning, we help you increase your take-home salary or business profits.


4. 24/7 Support & Compliance Assistance

Many taxpayers face last-minute stress due to ITR filing errors, missing documents, or compliance issues. With SSCO India, you get:

📞 24/7 Expert Support – Our tax advisors are available whenever you need help.
📌 Real-Time Compliance Alerts – Stay updated on ITR deadlines & penalties.
⚠️ Error Detection & Prevention – Avoid mistakes that could lead to tax notices.

Missed a deadline? Received a tax notice? Need tax consultation?
We handle everything, ensuring peace of mind for individuals and businesses.


5. Secure & Trusted Services for All Clients

Tax filing involves sensitive financial information, and data security is our top priority. SSCO India offers:

🔐 100% Data Confidentiality – Your financial data is fully encrypted & secure.
📜 Legally Compliant Filing – Ensuring full compliance with the latest tax laws.
Trusted by Thousands – Serving salaried individuals, entrepreneurs, NRIs, and corporates.

Our expertise extends to:
Small businesses & startups needing tax guidance.
Freelancers & consultants managing multiple income sources.
High-income earners needing specialized tax structuring.
NRIs handling global income & investments.

🌟 Whether you are an individual or a business, SSCO India guarantees a smooth and secure ITR filing experience.


How to Get Started with SSCO India?

Filing your Income Tax Return (ITR) for FY 2024-25 doesn’t have to be stressful. With SSCO India (S Sekhar & Co.), you get a seamless, hassle-free, and expert-assisted tax filing experience. Whether you're an individual, a business owner, or an NRI, we ensure that your taxes are filed accurately, deductions are maximized, and compliance is met.

Here’s how you can get started with SSCO India today! 🚀


1. Visit Our Website – www.sscoindia.com

Our website is your one-stop destination for all tax-related solutions. Whether you need:
Expert consultation on tax planning.
Assistance in selecting the right tax regime (Old vs. New).
Help with deductions, exemptions, and investment planning.
Guidance on filing ITR for businesses, professionals, or NRIs.

📌 What You Need to Do?

  • Go to www.sscoindia.com
  • Explore our services and tax solutions.
  • Contact us for consultation 

Filing your ITR has never been easier!


2. Book a Consultation with Our Experts

Need personalized tax advice? Our team of expert chartered accountants and tax professionals will help you file your ITR efficiently while ensuring you get the maximum refund and avoid unnecessary tax burdens.

📌 How to Book a Consultation?
📞 Call us at [8622086220].
📧 Email us at [sudhanshu@sscoindia.com].

Get expert insights on tax savings, financial planning, and compliance!

 


3. Call Us for a Consultation

Got tax-related queries? Confused about deductions? Our experts are just a call away!

📞 Call Now: [8622086220]
📌 Get a free tax consultation & expert advice today!

We’re here to help—24/7 support for all your tax needs!


5. File Your ITR with SSCO India Today! 🚀

Why wait until the last minute? Get your taxes filed accurately and on time with SSCO India.

100% Accuracy & Compliance – No errors, no penalties!
Maximized Deductions – Save more on taxes!
Secure & Hassle-Free Filing – Fast and easy process!
24/7 Expert Support – Guidance whenever you need it!

📌 Visit www.sscoindia.com & file your ITR now!
📞 Call us at [8622086220] to get started today!

🚀 Get Your Taxes Done Right—File with SSCO India!

 

Frequently Asked Questions (FAQ) – Navigating ITR Filing for FY 2024-25 with SSCO India

1. Who needs to file an Income Tax Return (ITR) for FY 2024-25?

Anyone earning above the basic exemption limit must file an ITR. This includes:
Salaried individuals
Self-employed professionals & business owners
NRIs with Indian income
Senior citizens with taxable income
Investors with capital gains from stocks, crypto, or property


2. What are the key changes in ITR filing for FY 2024-25?

Updated tax slabs & rates (as per Budget 2025-26)
Changes in deductions & exemptions under Section 80C, 80D, HRA, etc.
Revised compliance rules & digital filing methods
New penalties for late or incorrect filing


3. What documents are required for ITR filing?

To ensure a smooth filing process, keep these documents ready:
📌 For Salaried Individuals:
Form 16 (from employer)
Salary slips & investment proofs
Bank statements & loan interest certificates

📌 For Business Owners & Professionals:
Profit & loss statement, balance sheet
GST details, TDS certificates
Business expenses & investment details

📌 For NRIs & Investors:
Foreign income details
Capital gains reports (stocks, real estate, crypto, etc.)


4. What happens if I miss the ITR filing deadline?

🚨 Consequences of missing the deadline:
Late filing penalty of up to ₹10,000
Loss of carry-forward benefits for capital losses
Interest charges on unpaid taxes
Higher scrutiny from the Income Tax Department

Avoid penalties—File early with SSCO India! 🚀


5. Can I file ITR without Form 16?

Yes! If your employer hasn’t provided Form 16, you can still file ITR using:
Salary slips
Bank statements
TDS details from Form 26AS

Let SSCO India help you file your ITR even without Form 16!


6. Should I choose the Old or New Tax Regime?

Old Regime:
More deductions & exemptions (80C, 80D, HRA, LTA, etc.)
✔ Suitable for individuals with multiple investments

New Regime:
Lower tax rates but no deductions
✔ Best for those without major investments

💡 Confused? Let SSCO India help you choose the best regime!


7. Can freelancers & gig workers file ITR?

Yes! Freelancers, consultants, and gig workers must file ITR under presumptive taxation (44ADA/44AD) or regular tax filing.

💼 SSCO India specializes in tax filing for freelancers & self-employed professionals!


8. How can businesses benefit from recent ITR changes?

📌 Key benefits for businesses:
New tax deductions for startups & MSMEs
Simplified GST-TDS integration
Incentives for digital transactions
Relaxations in compliance for small businesses

Get expert tax planning with SSCO India to maximize your business savings!


9. Why choose SSCO India for ITR filing?

Expert CA guidance for accurate filing
Maximized deductions to save more tax
Hassle-free e-filing & compliance support
Secure & confidential tax solutions
24/7 customer support for all tax queries

📌 Visit www.sscoindia.com & file your ITR today!


10. How do I get started with SSCO India?

📞 Call Now: [8622086220]
💻 Visit: www.sscoindia.com
📧 Email: [sudhanshu@sscoindia.com]

🚀 File your ITR with SSCO India & stay tax-compliant!