India income tax quick reference. AY = Assessment Year (year of filing). FY = Financial Year (April–March). Note: tax laws change annually — verify on incometax.gov.in.
| Form | For Whom | Key Condition |
|---|---|---|
| ITR-1 (Sahaj) | Salaried individual + one house + interest income | Total income ≤ ₹50L. No capital gains, no business income |
| ITR-2 | Salaried + capital gains OR multiple house properties | No business/profession income |
| ITR-3 | Business/profession income + any other income | Partner in firm or has proprietary business |
| ITR-4 (Sugam) | Presumptive scheme — freelancer, small business, professional | Business income ≤ ₹2Cr (44AD) or professional ≤ ₹50L (44ADA) |
| Feature | Old Regime | New Regime (default FY2024+) |
|---|---|---|
| Tax slabs | Up to ₹5L @ 5%, ₹5–10L @ 20%, > ₹10L @ 30% | 0–3L: NIL, 3–7L: 5%, 7–10L: 10%, 10–12L: 15%, 12–15L: 20%, >15L: 30% |
| Standard deduction | ₹50,000 | ₹75,000 |
| HRA exemption | Yes (80GG/Section 10) | No |
| Section 80C (₹1.5L) | Yes | No |
| Section 80D (health ins) | Yes | No |
| Home loan interest (Sec 24) | Yes (₹2L for self-occupied) | No (for self-occupied) |
| Best for | High deductions (HRA + 80C + 80D + NPS) | Lower deductions or simplified filing |
| Section | Deduction Limit | What Counts |
|---|---|---|
| 80C | ₹1,50,000 | ELSS, PPF, EPF, NSC, ULIP, home loan principal, SSY, 5-yr FD, LIC premium, tuition fees |
| 80CCD(1B) | ₹50,000 | Additional NPS contribution (over 80C). Extra ₹50K deduction |
| 80D | ₹25,000 (self+family) | Health insurance premium. +₹25K parents. +₹50K if parents senior citizen |
| 80E | No limit | Interest on education loan (8 years max) |
| 80G | 50–100% of donation | Donations to PM relief funds, registered NGOs, temples etc. |
| 24(b) | ₹2,00,000 | Home loan interest for self-occupied property |
| HRA (10(13A)) | Min of: actual HRA, 50%/40% salary, excess rent over 10% salary | Must have rent receipts + landlord PAN if rent > ₹1L/yr |