Taxation
ITR
pronounced: [I-T-R]
Income Tax Return is a form filed with the Income Tax Department reporting income, deductions, and tax liability.
Different ITR forms (ITR-1 to ITR-7) are used based on the income sources.
Example
For FY 2024-25, an individual earning ₹15 lakh/year in the new tax regime pays ₹1.04 lakh tax (after standard deduction). This includes zero tax up to ₹7 lakh under Section 87A rebate. Old regime tax on the same income would be ₹1.56 lakh (without deductions).
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Last updated: 21 May 2026