Income Tax: Important news for taxpayers. Finance Minister Nirmala Sitharaman has made an important announcement in Budget 2025. Let us tell you that this will benefit those people whose income is less than Rs 12 lakh. In such a situation, let us know the complete information related to this update in the news below-
Finance Minister Nirmala Sitharaman has made an important announcement in Budget 2025. She has said that till now the benefit of income tax rebate under Section 87A of the Income Tax Act was available only on income up to Rs 7.5 lakh. But now from April 1, 2025, this benefit will be available on income up to Rs 12 lakh. This will benefit those whose income is less than Rs 12 lakh.
In such a situation, will people earning less than Rs 12 lakh not need to file ITR? Will their tax liability be zero? Let’s find out. The answer is that even if your income is outside the tax purview, you will still need to file ITR to avail the benefit of rebate under section 87A.
It is necessary to file ITR-
If your income is up to ₹12 lakh and does not include sources taxed at a special rate, you can get a rebate, but it will be available only if you file ITR. If you do not file ITR, you will not be able to avail this rebate. In certain circumstances, it may be necessary to file ITR even if you have a low income.
If you have foreign assets, more than Rs 1 crore is deposited in your bank account, you have spent more than Rs 2 lakh on foreign travel, in such situations you will have to file ITR, even if your income is less than Rs 4 lakh. Similarly, if your electricity bill is more than Rs 1 lakh, your sales are above Rs 60 lakh, then also you will have to file ITR.
