Tax Free Income: Will I get the benefit of tax-free income of Rs 12 lakh this year?

Union Finance Minister Nirmala Sitharaman has presented the general budget, in which the government has given a big relief to the taxpayers. Along with this, it was also said that the new tax law will be presented next week. In the budget, the government has not imposed any tax on income up to 12 lakhs.

This means that if the standard deduction of 75 thousand is added, then those earning up to 12.75 lakhs annually will not have to pay any tax. But do you know when you will get this exemption?

Now you will not be able to save tax in the name of petrol, mobile, taxi or gym bill.

Actually, the new rules regarding income tax will come into effect from April 1, 2025, but from then on you will not get tax exemption.

When you file ITR in the assessment year 2026-27, you will get the benefit of tax exemption.

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