Question 1

What are the income tax slab rates under the new regime for FY 2025-26?

Accepted Answer

For FY 202526 (Assessment Year 202627), the new tax regime is the default regime for all individual taxpayers in India. You can still opt for the old regime, but you must explicitly choose it when filing your return.

New Regime Tax Slabs (FY 202526):

Taxable Income  Tax Rate

Up to ₹4,00,000  Nil 
 ₹4,00,001 to ₹8,00,000  5% 
 ₹8,00,001 to ₹12,00,000  10% 
 ₹12,00,001 to ₹16,00,000  15% 
 ₹16,00,001 to ₹20,00,000  20% 
 ₹20,00,001 to ₹24,00,000  25% 
 Above ₹24,00,000  30%

Key highlights

Question 2

Old regime vs new regime: which tax regime should I choose in India?

Accepted Answer

Choosing between the old and new tax regimes depends on how much you claim in deductions and exemptions. Here's how to decide.

Old Regime Slabs (unchanged):

Taxable Income  Rate

Up to ₹2,50,000  Nil 
 ₹2,50,001 to ₹5,00,000  5% 
 ₹5,00,001 to ₹10,00,000  20% 
 Above ₹10,00,000  30%

The old regime lets you claim all deductions: Section 80C (₹1.5L), 80D (health insurance), HRA exemption, home loan interest (Section 24), LTA, and more.

When old regime is better:
 You have a home loan with

Question 3

How do I file my ITR online in India? Step-by-step guide

Accepted Answer

Filing your Income Tax Return (ITR) online in India is done through the eFiling portal at incometax.gov.in. Here's how to do it step by step.

Before you start, gather these documents:
 Form 16 from your employer
 Form 26AS (tax credit statement, available on the portal)
 Annual Information Statement (AIS)
 Bank statements showing interest earned
 Investment proofs for deductions

Stepbystep process:

1. Log in to incometax.gov.in with your PAN and password
2. Go to eFile > Income Tax Returns >

Question 4

What is the difference between Form 26AS and AIS in India?

Accepted Answer

Form 26AS and the Annual Information Statement (AIS) are both tax documents available on the eFiling portal, but they serve different purposes and contain different data.

Form 26AS (Tax Credit Statement):
 Shows all TDS (Tax Deducted at Source) collected against your PAN
 Includes TDS by employers, banks, mutual fund companies, and other deductors
 Shows advance tax and selfassessment tax payments you have made
 Lists highvalue transactions reported under Section 285BA (SFT)
 Available under th

Categories

Income Tax

What are the income tax slab rates under the new regime for FY 2025-26?

Old regime vs new regime: which tax regime should I choose in India?

How do I file my ITR online in India? Step-by-step guide

What is the difference between Form 26AS and AIS in India?