Income Tax
Income-tax slabs under Section 115BAC (new regime, default from FY 2024-25) and the old regime, ITR-1 to ITR-4 forms, TDS on salary, Form 16 / 26AS reconciliation, advance tax and capital-gains planning.
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Compare income tax slabs (old vs new regime under Section 115BAC), GST registration and return-filing requirements, and Section 80C / 80D / 80CCD deductions in one place. All rates and due dates are sourced from the Income-tax Act, 1961, notifications issued by the Central Board of Direct Taxes (CBDT), and the GST portal. Re-verified for FY 2025-26.
FinWiz24 Editorial Team. Last reviewed 3 June 2026.
Income-tax slabs under Section 115BAC (new regime, default from FY 2024-25) and the old regime, ITR-1 to ITR-4 forms, TDS on salary, Form 16 / 26AS reconciliation, advance tax and capital-gains planning.
Open income tax hubGST registration thresholds (₹40L goods / ₹20L services in most states), GSTR-1 / GSTR-3B / GSTR-9 return-filing, input tax credit under Section 16 of the CGST Act, and the 5%, 12%, 18%, 28% rate slabs.
Open GST hubFree income-tax (old vs new regime), HRA exemption under Section 10(13A), Section 80C / 80D / 80CCD(1B) deductions, TDS, advance-tax and GST calculators — estimates only, not a substitute for Form 16 / 26AS.
Open calculatorsGuides on Section 80C (PPF, ELSS, EPF, life insurance, home loan principal), Section 80D (health insurance), Section 80CCD(1B) (NPS), Section 24(b) (home loan interest) and HRA exemption — instrument-by-instrument.
Open saving guidesStep-by-step ITR filing on incometax.gov.in, GST registration and return filing on gst.gov.in, deduction planning and tax-saver comparisons. Editorial, CBDT-aligned, re-verified when laws change.
Open tax guidesCommunity questions and answers on Indian income tax, TDS, GST, ITR forms and tax planning. Moderated by the FinWiz24 editorial team; not professional advice and not endorsed by the CBDT.
Ask a tax questionEditorial summaries of the most-searched Indian tax topics — slabs, deductions, TDS, GST, HRA and ITR. Each summary cites the underlying section of the Income-tax Act, 1961, CBDT circulars, or CGST / SGST notifications, and is re-verified when those primary sources change.
From Assessment Year 2025-26 (FY 2024-25), the new tax regime under Section 115BAC is the default for individual taxpayers. It removes most exemptions and deductions but offers lower slab rates: 0% up to ₹3 lakh, 5% from ₹3–7 lakh, 10% from ₹7–10 lakh, 15% from ₹10–12 lakh, 20% from ₹12–15 lakh and 30% above ₹15 lakh. The old regime allows Section 80C, 80D, 80CCD(1B), HRA and home-loan interest deductions against higher slab rates. Salaried taxpayers may opt in or out of the new regime each year for future income.
Under the old regime, Section 80C allows up to ₹1.5 lakh per financial year across PPF, EPF, ELSS, life insurance premium, five-year tax-saving FDs, NSC, SSY, and home loan principal repayment. Section 80D permits deductions for health insurance premiums for self, family and parents with higher limits for senior citizens. Section 80CCD(1B) gives an additional ₹50,000 deduction for self-contribution to NPS, over and above the 80C cap. None of these are generally available under the new regime.
Tax Deducted at Source applies to salary, bank and post office interest, rent above thresholds, professional fees, and many other payments. The CBDT prescribes rates and thresholds under Sections 192–196CA. Where TDS is not deducted — business income, capital gains, rental income from NRI tenants, etc. — advance tax must be paid in four instalments (15%, 45%, 75% and 100% of estimated tax). Verify TDS against Form 26AS and AIS on incometax.gov.in before filing ITR.
GST is levied at 0%, 5%, 12%, 18% and 28%, with compensation cess on select sin and luxury goods. The GST Council recommends rates; the CBIC notifies HSN-wise schedules. Most regular taxpayers file GSTR-1 (outward supplies) and GSTR-3B (summary return with tax payment) monthly, or quarterly under the QRMP scheme. Input tax credit is claimed against GSTR-2B, subject to Section 16 of the CGST Act and matching supplier invoices on the GSTN portal.
House Rent Allowance under Section 10(13A) is exempt to the least of (a) actual HRA received, (b) 50% of basic salary (metro) or 40% (non-metro), and (c) rent paid minus 10% of basic salary. A rent agreement and landlord PAN (where annual rent exceeds ₹1 lakh) are required. Home loan interest is deductible under Section 24(b) up to ₹2 lakh per year for a self-occupied house (old regime only). Leave Travel Allowance (LTA) is exempt twice in four years for domestic travel — keep tickets for ITR records.
Use ITR-1 (SAHAJ) for salary, one house and bank interest up to ₹50 lakh. ITR-2 covers capital gains, foreign assets or multiple houses. ITR-3 is for business income under the presumptive scheme. ITR-4 is the presumptive-income form for small businesses and professionals. For most individual taxpayers the original due date is 31 July of the assessment year; a belated return can be filed till 31 December with late fees under Section 234F and interest under 234A / 234B.
Sourcing
Every rate, deduction cap, and due date is cited against the Income-tax Act, 1961, CBDT circulars, or the GST portal — not third-party feeds.
Verification
Slabs, deduction limits, and due dates are re-verified on every Finance Act, CBDT circular, and CGST / SGST notification. Last review: 3 June 2026.
Editorial
Written and reviewed by the FinWiz24 editorial team. Tax (YMYL) copy is human-reviewed before publication under our editorial policy.
CBDT / Income Tax disclaimer: FinWiz24 is an information and comparison platform, not a tax advisor. We do not file ITRs, deduct tax, or issue GST registrations. Always confirm slabs, deduction caps, and procedural steps on the official incometax.gov.in and gst.gov.in portals — or consult a chartered accountant enrolled with the Income Tax Department — before paying tax, filing a return, or claiming a refund.
Common questions on income tax, TDS, GST, and ITR filing — answered with citations to the Income-tax Act, 1961, CBDT notifications, and the GST portal.
FinWiz24 tax pages are written against the Income-tax Act, 1961, notifications issued by the Central Board of Direct Taxes (CBDT), and the Goods and Services Tax Acts administered through the GST portal. Our editorial team re-verifies rates, deduction caps, and due dates whenever a Finance Act, CBDT circular, or CGST/SGST notification is published. Calculator results are estimates only — always cross-check with Form 16, Form 26AS/AIS, and the official e-filing portal before paying advance tax or filing your ITR.
FinWiz24 Editorial Team. Last reviewed 3 June 2026. Verify primary sources at incometax.gov.in and gst.gov.in.