As taxpayers get ready to file their returns, it is crucial to understand the key sections of the Income Tax Act, 1961, that can help in accurate tax calculation, availing deductions, and choosing the appropriate tax regime.

The simplified form is designed for individuals and entities who earned up to Rs 50 lakh during the recently concluded financial year.

The Income Tax Department is expected to notify the filing forms for the financial year 2024-25, or Assessment Year 2025-26, soon.

It is mandatory to choose between the old and new tax regime while filing the online form --- with specific exemptions and deductions available for individuals.

Taxpayers will soon be able to file their returns for FY25 via the official Income Tax Department website.

Old tax regime, however, still offers taxpayers a range of options to save taxes through various eligible deductions and exemptions post 2025 Union Budget. On the other hand, the new tax regime has a fewer deductions available for taxpayers compared to the old regime. In this write-up, we will discuss various deductions available under the new tax regime for the purpose of tax saving.

An individual resident who is 60 years or above in age but less than 80 years at any time during the previous year is considered a senior citizen for income tax purposes. The Income Tax department also defines people above the age of 80 as 'super senior citizens'.

You don't need Rs 10 crore or Rs 50 crore for financial freedom — just calculate your expenses and aim for the right amount using the 4% rule.

Section 115BAC of the Income Tax Act lays down the tax slabs and rules applicable under the new tax regime.