Certainly! Here are some important points to consider while filing your income tax return (ITR) for the Assessment Year (A.Y.) 2024-25:

1.? New Tax Regime (Default):

○?? For A.Y. 2024-25, the new tax regime is not mandatory. Taxpayers have the option to choose between the old and new tax regimes based on their preference and financial situation.

○?? In the new regime, certain deductions (such as home loans, school fees, life insurance, and Mediclaim) are not allowed.

2.? Schedule VIA Deductions:

○?? In the new tax regime, VIA deductions (except for specific cases) cannot be claimed.

○?? If you want to claim any deductions, choose the old tax regime by selecting the relevant option in the ITR form1.

3.? Bank Account Validation:

○?? Ensure that your bank account details are correctly updated under 'My Bank Account' in the income tax portal before filing your ITR.

○?? A pre-validated bank account is required for refund processing1.

4.? Special Income (Lottery, Horse Races, etc.):

○?? If TDS has been deducted on special income (e.g., lottery winnings), filing ITR-1 and ITR-4 is not allowed.

○?? Check Form 26AS and AIS before filing your ITR1.

5.? Form 10IEA and Old Tax Regime:

○?? Once Form 10IEA is filed for A.Y. 2024-25, it cannot be reverted in the same A.Y., and the taxpayer must mandatorily opt for the old tax regime.

○?? Filing Form 10IEA is mandatory if you want to file ITR under the old tax regime with business and profession income (ITR-3 or ITR-4)1.

6.? House Rent Allowance (HRA):

○?? From A.Y. 2024-25, claiming HRA under section 10(13A) is not allowed in the new tax regime.

Remember to consult a tax professional and gather all necessary documents while filing your ITR. ????