Income Tax: Whether people earning less than 12 lakhs will have to file ITR or not, know this important thing..

Now there are discussions everywhere about the new income tax rules and new tax laws. With the start of the new financial year from April 1, 2025, taxpayers will have to pay tax according to the new tax slabs. Therefore, this news is very important for salaried persons and those doing their own business. Now in the new tax regime, income up to 12 lakhs has been made tax-free. After this, questions are being raised whether those earning 12 lakhs every year will have to file ITR or there is no need for it. What do the new tax rules say about this, know the full details.

The tax system will be transparent in the country-

Recently there has been an important change in the tax rules, which can be effective for every small and middle-income group. After this change, now some people will have to file their ITR, even if their annual income is less than the prescribed limit. This step has been taken with the aim of making the tax system in the country transparent.

This was announced in the budget -

When the Finance Minister presented the budget on February 1, it was told that now the tax exemption limit under Section 87A of the Income Tax Act will be Rs 12 lakh instead of Rs 7 lakh. That is, after getting various exemptions, income up to Rs 12 lakh has been included in the scope of tax-free. Apart from this, according to the new tax regime, zero percent tax will be levied on annual income of Rs 4 lakh. Many people have got relief due to an increase in the basic exemption limit of income tax. The new tax slabs are very relieving for middle-class people. These new provisions will come into effect from the next financial year (FY26) i.e. 1 April 2025. In this, tax will have to be paid according to the new tax slab of the new tax regime.

This relief will be available when the new tax slab is implemented-

There are going to be some changes in the tax rules from the financial year 2025-26, which will provide relief to people with low income. If your annual income is within a fixed limit of Rs 12 lakh, then you will not have to pay tax. Along with this, some additional benefits like standard deduction can also be available, which can get you rid of tax (Benefits in New Tax system). However, this does not mean that you will not need to file your income details. This process will continue, so that transparency is maintained in the tax system and correct information of every person can be obtained.

Tax rebate will be available only by filing ITR -

- Under the new changes in Budget 2025, the limit of exemption in income tax has been increased to Rs 4 lakh, which will be applicable under the new tax regime. This will give great relief to people with low income.

- In the next financial year starting from 1 April 2025, it will not be necessary to file tax returns for those with income up to Rs 4 lakh (basic exemption limit). This change has been made under the new rules, which will provide relief.

- After Rs 4 lakh, income up to Rs 12 lakh will be taxed, but those with income up to Rs 12 lakh will get a tax rebate under section 87A, which will completely waive their tax liability. Therefore, it is necessary to fill ITR. Without filling out ITR (ITR filling rules), this benefit will not be available and you may have trouble with income tax.

- To get the benefit of a tax rebate, it is necessary to file ITR under section 87A. If a person does not do ITR, then the Income Tax Department can send him a notice (IT notice) for not paying tax, which can cause trouble.

- Under the new rules of Budget 2025, it will not be necessary to file ITR for those with income up to Rs 4 lakh. At the same time, those with income from Rs 4 lakh to Rs 12 lakh will get tax The benefits of tax rebates will be available only when they file ITR correctly and provide details of their income.

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