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ITR Filing After Budget 2025: Is It Mandatory For Those Earning Below ?12 Lakh? Details Inside

ITR Filing After Budget 2025: Is It Mandatory For Those Earning Below ?12 Lakh? Details Inside


Published on 2025-02-06 05:20:49 - Oneindia
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  • To benefit from this revision, individuals must simply file their ITR; no additional formalities are required.

The article from OneIndia discusses the potential changes in Income Tax Return (ITR) filing requirements following the Union Budget 2025. Currently, individuals earning below Rs 7 lakh are exempt from filing ITR under the new tax regime, but there is speculation that this threshold might be raised to Rs 12 lakh. This change aims to simplify tax compliance for middle-income earners. The article highlights that while the government has not made an official announcement, there are indications that the Finance Minister might adjust the tax slabs and exemptions to provide relief and encourage more formal documentation of income. It also mentions that even if the threshold is increased, certain conditions like significant financial transactions or foreign assets might still necessitate filing an ITR. The piece concludes by advising taxpayers to stay updated with official announcements and prepare for potential changes in tax filing obligations.

Read the Full Oneindia Article at:
[ https://www.oneindia.com/business/itr-filing-after-budget-2025-is-it-mandatory-for-those-earning-below-12-lakh-details-inside-4063795.html ]
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