Frequently Asked Questions

For the financial year 2025–26, your choice between the old and new income tax regimes largely depends on your deductions and exemptions. If you claim significant deductions such as 80C, HRA, or home loan interest, the old regime may offer greater tax savings. However, if you have few or no eligible deductions, the new regime’s lower tax rates and higher rebate limits can make it more beneficial for you.

For Assessment Year 2026–27 (FY 2025–26), the expected last date to file your Income Tax Return (ITR) is 31st July 2026 for salaried individuals and non-audit cases, while for businesses or individuals requiring an audit, it is generally 31st October 2026. However, these dates are based on previous years’ practice and may be subject to change if the authorities announce any extension.

You can file your ITR online through:

• The official portal: https://www.incometax.gov.in
• By logging in, selecting the correct ITR form, filling details, verifying, and submitting online.

Or use trusted e-filing platforms for guided help.

Yes, a PAN card is mandatory for filing ITR in India. If you have only Aadhaar, you can use it to apply for a PAN quickly.

Under the old regime, the top Section 80C deductions include:

• ELSS Mutual Funds
• Public Provident Fund (PPF)
• Life Insurance Premium
• Tax-saving FD (5-year lock-in)
• EPF/VPF contributions

Maximum limit: ₹1.5 lakh.

Income from cryptocurrency transactions in India during FY 2025–26 is subject to a flat 30% tax under Section 115BBH of the Income Tax Act. Only the cost of acquisition is deductible; no other expenses or losses can be claimed. Additionally, a 1% Tax Deducted at Source (TDS) under Section 194S applies to most crypto transactions above ₹10,000–₹50,000. These rules continue unchanged from previous years, and all crypto gains must be reported in the dedicated Schedule VDA section of your income tax return.

For FY 2025–26, employers deduct TDS on salary as per the applicable income tax slab rates if earnings exceed the basic exemption limit. For freelancers, a 10% TDS under Section 194J applies if payments from a single client exceed ₹30,000 in the financial year. These rules ensure accurate tax collection at the source for both salaried individuals and independent professionals.

You can revise your income tax return (ITR) for FY 2025–26 (AY 2026–27) within the time limit allowed under the law. As per current regulations, a revised return can be filed up to the end of the relevant assessment year or before the assessment is completed, whichever is earlier. For most individuals, this means you generally have until 31st December 2026 (i.e., the end of the assessment year, AY 2026–27) to file a revised return, unless the assessment process is completed before that date.

For FY 2025–26, late filing of your income tax return incurs a penalty of ₹1,000 if your total income is below ₹5 lakh, and ₹5,000 if it exceeds ₹5 lakh. Additionally, interest at 1% per month (Section 234A) is charged on unpaid tax from the due date until the return is filed. Late filing also prevents carrying forward certain losses and may delay your tax refund.

You can register for GST online through the official GST portal. Click on “Services > Registration > New Registration”, enter your business details, verify with OTP, and upload the required documents. Once verified by the GST department, you’ll receive your GSTIN.

Keywords: GST registration 2025, how to apply GST online India

As of 2025, GST rates remain categorized into 5%, 12%, 18%, and 28% depending on the product/service. For example:

• Essentials: 5% (e.g., food grains, medicines)
• Standard services/goods: 18%
• Luxury goods: 28%

Always check the latest rate list on the official portal as updates may occur.

Keywords: GST rate list 2025, GST slab details India

Every registered GST taxpayer, including businesses, freelancers, eCommerce sellers, and service providers, must file monthly/quarterly returns. Common returns include GSTR-1, GSTR-3B, and GSTR-9 (annual). Failure to file on time can result in penalties.

Keywords: Who should file GST return, GST return filing 2025

You need the following documents:

• PAN Card of the business/owner
• Aadhaar card
• Business address proof (electricity bill/rent agreement)
• Bank account details
• Digital signature (for companies and LLPs)

Keywords: GST registration documents 2025, GST apply online India

1. Login to gst.gov.in
2. Go to “Services > Returns > Returns Dashboard”
3. Select return period and form (GSTR-1, GSTR-3B, etc.)
4. Enter details, verify, and submit
5. Pay any liability and file using DSC or OTP

Keywords: File GST return online India 2025, GST filing step by step

A late fee of ₹50 per day (₹25 CGST + ₹25 SGST) applies for regular taxpayers. If there’s no tax liability, it's ₹20 per day. Interest at 18% per annum is also charged on outstanding tax.

Keywords: GST late fee 2025, GST penalty charges India

Visit the GST portal, click on “Search Taxpayer > Search by GSTIN/UIN”, enter the GST number, and verify the details like business name, status, and registration type.

Keywords: Check GST number online, verify GSTIN 2025

The Composition Scheme is for small taxpayers with turnover up to ₹1.5 crore (₹75 lakh for certain states). They pay tax at a lower fixed rate (1% for traders, 5% for restaurants, etc.) and file quarterly returns. They can’t claim input tax credit.

Keywords: GST composition scheme limit 2025, small business GST scheme

Yes, you can cancel your GST registration via the GST portal if your business is closed, turnover is below the threshold, or you no longer qualify. Go to “Services > Registration > Application for Cancellation” and fill the form

Keywords: Cancel GST number online 2025, GST registration cancellation