TaxSavvy

TaxSavvy for salaried

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  • Complete salaried tax plan
  • Income tax return for salaried and pensioners, ITR-1 (Sahaj)
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  • Form 16
  • Salary slip
  • AIS or 26AS
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Facts, Provisions and law, Analysis, Conclusion.

  • Old vs New Tax Regime: Selection
    Facts
    The single biggest tax decision every year. Wrong selection costs ₹20,000-80,000 annually for most salaried individuals.
    Provisions and law
    Sec 202 (old 115BAC); CBDT Circular 4/2023; Form 10-IEA; Sec 156 (old 87A)
    Analysis
    New regime rates (AY 2025-26): ₹0-4L: NIL | ₹4-8L: 5% | ₹8-12L: 10% | ₹12-16L: 15% | ₹16-20L: 20% | ₹20-24L: 25% | Above ₹24L: 30%. New regime, what's allowed: Standard deduction ₹75,000 (salaried), employer NPS Sec 124, Income-tax Act 2025 (old Sec 80CCD(2); 14% basic), gratuity exemption, EPF, HRA (not deduction but exemption), Section 157 (old Sec 89) arrears. Old regime, additional deductions: Sec 123 (old Sec 80C; ₹1.5L), Sec 126 (old Sec 80D; ₹25-50K), 80CCD(1B) NPS (₹50K), home loan interest Sec 22(1)(b) (old Sec 24(b); ₹2L), HRA, LTA, all 80-series deductions. When old regime wins: Home loan (claiming ₹2L+ interest), NPS 80CCD(1B) ₹50K, total Sec 123 (old Sec 80C) investments above ₹1.5L, HRA in metro cities, Sec 80D (now Sec 126) for family health insurance. Default from AY 2024-25: New regime is default. Must DECLARE to employer (Form 12BB, now Form 124) if you want old regime TDS. Can still switch at ITR filing time. Sec 202 (old Sec 115BAC): New tax regime, reduced rates, most deductions not available. Optional for individuals and HUFs.
    Conclusion
    • List all deductions you actually claim (not just theoretically possible)
    • Compute tax under old regime: Total income − all deductions → apply old slabs
    • Compute tax under new regime: Total income − ₹75K standard deduction → apply new slabs
    • Compare FINAL tax payable (after Sec 156 (old Sec 87A) rebate, cess) under both
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  • Which ITR Form to File
    Facts
    Selecting the correct ITR form is the most common source of defective return notices. Wrong form = return treated as invalid.
    Provisions and law
    Sec 263(1) (old 139(1)); Rule 164 (old Rule 12); Sec 263(7) (old 139(9)); CBDT Notif
    Analysis
    ITR-1 (Sahaj): Salary from one employer + FD interest + one house property. Income below ₹50L. Cannot have capital gains, business income, or foreign assets. ITR-2: Salary from multiple employers, capital gains (MF/shares/property), foreign income, more than one house property, director in company, unlisted shares. ITR-3: Business or profession income + any other income. Partnership firms also use ITR-3 equivalent. F&O traders must use ITR-3. ITR-4 (Sugam): Presumptive income under Sec 58, Income-tax Act 2025 (old Sec 44AD; business, ₹3Cr limit), Sec 58 (old Sec 44ADA; professionals, ₹75L limit), Sec 58 (old Sec 44AE; transport). Cannot have capital gains or foreign assets. ITR-5: Partnership firms, LLPs, AOPs, BOIs, not for individuals. ITR-6: Companies (not claiming 11/12 exemption). ITR-7: Trusts, political parties, research associations.
    Conclusion
    • Identify ALL income sources for the year, salary, FD interest, MF redemptions, property sale, freelance
    • Download AIS, check if any income shown that you did not know about
    • Check if you are director in any company or hold unlisted shares (ITR-2 mandatory if yes)
    • Check if F&O trading happened during year (ITR-3 mandatory)
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  • Form 130 (old Form 16): Part A and Part B Decoded
    Facts
    Form 130 (old Form 16) is the salary TDS certificate, the most important document for a salaried person's ITR. Most employees receive it but don't know how to use it. Part A shows TDS deposited with the government. Part B is the salary breakup prepared by the employer. Errors in Form 130 (old Form 16) cause ITR mismatches and demands.
    Provisions and law
    Sec 395(4) (old 203); Rule 215 (old Rule 31); TRACES system; Sec 392 (old 192(2B))
    Analysis
    Form 130 (old Form 16) Part A, what to check: (1) Employer TAN must match what's in your Form 168 (old Form 26AS). (2) Your PAN must be correct. (3) TDS amount quarter-wise must match your Form 168 (old Form 26AS) and AIS. (4) "Amount paid / credited" = your gross salary for each quarter. (5) If employer changed TAN mid-year (company restructuring): multiple Part As may exist. Form 130 (old Form 16) Part B, the salary breakup: Shows: Basic salary, HRA, special allowance, LTA, bonus, perquisites. Deductions: Sec 123, Income-tax Act 2025 (old Sec 80C) investments, Sec 126 (old Sec 80D) health insurance, home loan interest (24b), standard deduction ₹75K. Taxable salary after deductions. TDS schedule with advance tax if any. This is what flows into your ITR Schedule S (Salary) and should match your AIS salary figure. Common Form 130 (old Form 16) errors: (1) Old investments not included in Part B (employer didn't update after you submitted Form 124 (old Form 12BB)). (2) HRA exemption computed wrong (wrong city classification).
    Conclusion
    • Receive Form 130 (old Form 16) from employer by June 15 (if not received: email HR immediately)
    • Check Part A: TAN, your PAN, period of employment, TDS figures, match with Form 168 (old Form 26AS)
    • Check Part B: salary breakup is complete, Basic, HRA, allowances, perquisites, bonus
    • Verify deductions in Part B: Sec 123, 126, 22(1)(b) (old Sec 80C, 80D, 24(b)), NPS Sec 124 (old Sec 80CCD(2)), standard deduction ₹75K
    Read the full answer
  • Old vs New Tax Regime: Which Is Better For You?
    Facts
    The most important annual tax decision for every salaried employee. New regime: lower rates, no deductions. Old regime: higher rates, many deductions. The winner depends entirely on HOW MUCH you invest and claim. Rule of thumb: if deductions > ₹3,75,000 per year → old regime is better. Below that → new regime wins. Calculate, don't guess.
    Provisions and law
    Sec 202 (old 115BAC); Finance Act 2023; Finance Act 2024; Old Regime Slabs; Salaried switching
    Analysis
    Break-even deduction analysis, the key table: Income ₹10L. Old regime: taxable = ₹10L − ₹75K std − ₹1.5L Sec 123, Income-tax Act 2025 (old Sec 80C) − ₹25K Sec 126 (old Sec 80D) − ₹2L Sec 22(1)(b) (old Sec 24(b)) = ₹5.5L. Tax = 20% × (₹5.5L − ₹5L) + 12,500 = ₹22,500. New regime: taxable = ₹10L − ₹75K std = ₹9.25L. Tax = 5% × ₹4L (₹3-7L) + 10% × ₹2.25L (₹7-9.25L) = ₹20,000 + ₹22,500 = ₹42,500. OLD REGIME WINS if you have home loan + Sec 123 (old Sec 80C) investments. When new regime wins clearly: (1) No home loan. (2) No Sec 123 (old Sec 80C) investments beyond EPF (which is forced, not a choice). (3) No HRA (own accommodation). (4) Young employee, just started working, no investments yet. (5) Income below ₹7L, new regime Sec 156 (old Sec 87A) rebate makes tax zero. (6) Very high income (₹30L+) where deductions (capped at ₹3.75L) have limited impact on marginal tax.
    Conclusion
    • List all deductions you actually use: Sec 123 (old Sec 80C; EPF + investments), Sec 126 (old Sec 80D; health insurance), Sec 22(1)(b) (old Sec 24(b); home loan interest), HRA
    • Add standard deduction ₹75K to both regime computations
    • Compute actual old regime tax: salary − ₹75K std − Sec 123 (old Sec 80C) − Sec 126 (old Sec 80D) − HRA − Sec 22(1)(b) (old Sec 24(b))
    • Compute new regime tax: salary − ₹75K std − Sec 124 (old Sec 80CCD(2); if activated) → apply new slabs
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