Question 1

When is the ITR filing deadline for FY 2025-26?

Accepted Answer

31 July 2026 is the standard deadline for salaried individuals and most non-audit cases (AY 2026-27).

Question 2

What happens if I miss the 31 July deadline?

Accepted Answer

You can file a belated return until 31 December 2026 with a late fee of ₹5,000 (₹1,000 if income ≤ ₹5 lakh), interest u/s 234A, and loss of carry-forward of capital losses.

Question 3

What are the New Regime tax slabs for FY 2025-26?

Accepted Answer

Up to ₹4L: nil. ₹4L–8L: 5%. ₹8L–12L: 10%. ₹12L–16L: 15%. ₹16L–20L: 20%. ₹20L–24L: 25%. Above ₹24L: 30%. Rebate u/s 87A makes income up to ₹12L tax-free.

Question 4

What are the Old Regime tax slabs for FY 2025-26?

Accepted Answer

Up to ₹2.5L: nil. ₹2.5L–5L: 5%. ₹5L–10L: 20%. Above ₹10L: 30%. Plus 4% health & education cess.

Question 5

What is the 87A rebate and how does it work?

Accepted Answer

Under the New Regime, if your total income is ₹12 lakh or below, the rebate u/s 87A wipes out your entire tax liability. The rebate is up to ₹60,000.

Question 6

How do I know which ITR form to file?

Accepted Answer

ITR-1 for salary + one house + income ≤ ₹50L. ITR-2 for salary with capital gains or foreign income. ITR-3 for business/professional income with full books. ITR-4 for presumptive taxation u/s 44AD/44ADA.

Question 7

What is STCG and LTCG? What are the tax rates?

Accepted Answer

STCG on listed equity (held < 1 year): 20%. LTCG on listed equity (held ≥ 1 year, gains > ₹1.25L): 12.5%. Debt funds: slab rate for both.

Question 8

What is the standard deduction?

Accepted Answer

For FY 2025-26, salaried individuals can claim a flat ₹75,000 standard deduction from gross salary in both old and new regimes.

Question 9

What deductions are available in the Old Regime?

Accepted Answer

80C (₹1.5L), 80CCD(1B) NPS (₹50K), 80D health insurance (₹25K–₹50K), 80TTA savings interest (₹10K), 24B home loan interest (₹2L), 80E education loan, 80G donations, and more.

Question 10

What deductions are available in the New Regime?

Accepted Answer

Only the standard deduction (₹75,000) and employer NPS contribution u/s 80CCD(2) are available. All other Chapter VI-A deductions are not allowed.

Question 11

Is ITRWise free?

Accepted Answer

Yes, ITRWise is completely free for FY 2025-26.

Question 12

Is my financial data secure?

Accepted Answer

Your data is stored in your own account and is never shared with third parties. Documents you upload are used only for auto-filling your return.

Question 13

What is Form 26AS and how is it different from AIS?

Accepted Answer

Form 26AS shows TDS deducted and deposited against your PAN. AIS (Annual Information Statement) is more comprehensive — it includes all financial transactions reported to the Income Tax department: interest, dividends, capital gains, property purchases, and more.

Question 14

What is Section 234B interest?

Accepted Answer

If you pay less than 90% of your assessed tax as advance tax during the year, interest u/s 234B is charged at 1% per month from 1 April until you file.

Question 15

Can I file my ITR directly from ITRWise?

Accepted Answer

ITRWise helps you prepare your return and exports it as an XML file. You then upload that XML on the Income Tax portal (incometax.gov.in) to file it officially.

Frequently Asked Questions

📅 Filing Dates & Deadlines

💰 Tax Slabs — FY 2025-26

📋 Which ITR Form to File

📈 Capital Gains

🛡️ Deductions & Savings

📄 Documents Explained

⚠️ Interest & Penalties

🟦 About ITRWise