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

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.

2 Min read
Ajay Joseph
Published : May 28 2025, 10:02 AM IST
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Earning this much? No tax for you!
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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?
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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?
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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
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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
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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
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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
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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
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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
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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
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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.

About the Author

AJ
Ajay Joseph
With over eight years of journalistic experience, Ajay Joseph Raj. P has been a dedicated member of the Asianet Newsable team, where he serves as the Chief Copy Editor. His expertise spans Business, Career, Stock Market, National, International, and viral/trending topics, with a knack for crafting compelling narratives that connect with diverse audiences. Before joining Asianet Newsable, Ajay honed his skills at OneIndia News and Opoyi English, gaining extensive experience in delivering impactful stories across various beats.
Business
Income Tax
 
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