ITR Filing, May 1 -- Income Tax Department has now released forms 1 and 4 now for filing of tax return for FY 2024-25. The last date to file tax returns for individual taxpayers is July 31. There are two tax regimes under which the income tax return can be filed: old tax regime and new tax regime. In the old regime, taxpayers are entitled to claim deductions for investment made in the tax instruments under provisions such as 80C, 80D and 80DD but the tax rates are relatively higher.

On the other hand, new tax regime does not permit taxpayers to claim tax deduction under different provisions but it charges concessional rates of tax.

I. Default regime: This is a default regime. In simple terms, every taxpayer now is supposed to be followi...