Yes, you can file ITR-1 for the AY 2024-25 in case the following conditions are met

• If you are a single or joint owner of a single property, you can file ITR-1 for A.Y 2024-25
• If you own more than one property, you can’t file ITR-1 (even as a single owner)

Yes, you can re-submit your return in case you have already filed your Income Tax Return but you later discover that you have made a mistake. This is called a Revised Return. Your return has to be revised three months before the end of the relevant AY. For AY 2024-25, the due date for filing revised return is 31st December 2024.

In case you miss filing the ITR within the due date u/s 139(1), you can still file your Income Tax Return, but you may be required to pay a late filing fee of up to ₹5,000/-. Additionally, you will also be required to pay interest on the tax liability (if any).

Yes, employers and banks deduct tax at source on salary and interest income respectively. You still need to disclose the income on which tax has been deducted and to claim credit for TDS in the Income Tax Return.

Yes, any excess tax paid by you can be claimed as refund by filing your Income Tax Return. After your return is processed, ITD checks and accordingly accepts your refund claim, and then the amount is credited to your verified bank account. You will also get a message on your email ID registered on the e-Filing portal.

Yes, you can opt for new tax regime. If you have business income but for opting new tax regime, you have to file Form 10IE before filling the ITR.

Individuals having business income are not eligible to choose between the new and old tax regimes every year. Once they have opted for the new tax regime, they only have a one-time option of switching back to the old tax regime. Essentially, people with business income may have to fill out Form 10-IE twice, once to use the new tax regime and the second to switch back to the old regime.

As per the income tax laws, an individual having business income shall submit form 10-IE before the due date of filing ITR i.e. July 31 under non-audit cases and 31st October under audit applicable cases.

Yes, you can opt for the presumptive taxation scheme of section 44AD provided the gross receipts are upto Rs.3 Cr and the amount received in cash does not exceed the 5% of the total turnover.

No, a person who opted for the presumptive taxation scheme is deemed to have claimed all deduction of expenses. Any further claim of deduction is not allowed after declaring profit at specified rate. However, you can claim deductions under Chapter VI-A.

Yes, anyone opting for the presumptive taxation scheme u/s 44ADA is liable to pay 100% of Advance Tax on or before 15th March of the previous year. If you fail to pay the Advance Tax by 15th March of previous year, you will be liable to pay interest as per Section 234B and Section 234C. Any amount paid by way of Advance Tax on or before 31st March will also be treated as Advance Tax paid during the FY ending on that day.

If you are engaged in a specified profession as referred in Sections 44AA (1) and opt for presumptive taxation scheme of Section 44ADA (declare income @50% of the gross receipts), you are not required to maintain the books of accounts in respect of specified profession (i.e. the provision of Sections 44AA will not apply).

All the questions of Section 115BAC are to be answered from the perspective of returns filed with business income and select the relevant dropdown, by ignoring the contents of the non-business returns filed, if any in between. Therefore, you may select ‘No’, unless any Circular/ Notification/Amendment says otherwise.

You had opted for the new tax regime based on the latest business return, so you may continue to be under new tax regime, or you may opt out through filing Form 10IE for a non-business return, unless any Circular/ Notification/Amendment says otherwise.