Who needs to file ITR in 2025? Income limits, exemptions and document checklist

Under the new income tax rules, those earning up to ₹12 lakh are exempt. Incomes above ₹12 lakh are taxed at 5% to 30%, based on income slabs. Deductions like 80C and 80D are not applicable under the new regime.

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Earning this much? No tax for you!

Under the revised tax rules, earnings up to ₹12 lakh are tax-free. Anything below that is also exempt.

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Who pays 5% tax?

If you earn ₹15 lakh, the first ₹4 lakh is tax-free. Earnings between ₹4 lakh and ₹8 lakh are taxed at 5%.

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Who pays 15% tax?

Earnings between ₹8 lakh and ₹12 lakh are taxed at 10%. Income between ₹12 lakh and ₹16 lakh is taxed at 15%.

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30% Tax Bracket

₹16-20 lakh is taxed at 20%, ₹20-24 lakh at 25%, and above ₹24 lakh at 30%.

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New Income Tax Rebate

The new tax regime offers a rebate up to ₹12 lakh. This means no tax for incomes up to ₹12 lakh.

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No Deductions Allowed

If you earn ₹15 lakh, the tax slabs mentioned above apply. Deductions like 80C and 80D are not available in the new regime.

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Essential Documents

Form 16 (Parts A & B) from your employer, salary slips, interest certificates (savings, FD, RD), home loan interest certificate (for old regime), and P&L statement from your broker for stock/property sales.

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More Required Documents

Due to 2024 budget changes, specify pre- and post-July 23, 2024 sales separately. You'll also need house property income details, rental receipts, municipal tax receipts, and home loan interest certificates.

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Prepare These Too

Details of foreign assets/income, supporting documents for foreign income/assets, business/freelancer income details, bank statements, bills, TDS certificates are also required.

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Report Agricultural Income

Provide agricultural income details and supporting documents. For the old regime, include investment proofs (life insurance, ELSS, PF, PPF, NPS), medical insurance, education/home loan details, school fees, donations, ID/bank details, PAN/Aadhaar linking, and bank account details for refunds.