New Delhi, May 6 -- The Income Tax Department (ITD) has notified the new tax forms for this fiscal year 2024-25 including ITR-1, ITR-2, ITR-3, ITR-4 and ITR-5. Within a few days, the excel utility will also be shared by the department. Thereafter, taxpayers can start filing their income tax returns with ease with preloaded functionalities on e-filing portal.

Meanwhile, an important consideration which holds significance is the choice between the old and thenew tax regimes. If you are also thinking between the two regimes, these are a few factors which you should consider.

I.Lower tax slab: The new tax regime (NTR) entitles you to claim lower tax slabs whereas you are unable to claim income tax deduction.

II.Deductions: In the old tax r...