Urgent Tax Filing Alert: Don’t Fall for the ₹12 Lakh Myth!
With the ITR filing deadline just around the corner, a dangerous myth is circulating: “No tax? No need to file!”
Many taxpayers believe their income up to ₹12 lakh is tax-free, so they don’t have to file a return. This is wrong and could cost you dearly!
Here’s the truth you need to know for AY 2025-26:
- The Exemption, Not the Rebate: The rule is based on the basic exemption limit, not a tax rebate. You must file an ITR if your annual income exceeds:
- ₹3 lakh under the new tax regime.
- ₹2.5 lakh under the old tax regime.
- The Real Rebate: The tax-free limit under the new tax regime for the current filing season is ₹7 lakh, not ₹12 lakh. The ₹12 lakh limit is for the next financial year.
Why Skipping Your ITR is a Mistake:
- Lost Refunds: If tax has been deducted from your salary (TDS), you will lose your chance to get that money back.
- Higher Tax and Penalties: Not filing on time can lead to complications, including penalties and higher tax liabilities later on.
- Special Income: Income from sources like selling stocks or mutual funds has special tax rates and may be taxable even if your total income is below the basic exemption limit.
The Bottom Line:
Even if your income is below ₹12 lakh, you must file your ITR if your income is above the basic exemption limit. Don’t risk your refund and future complications.
Deadline: September 15, 2025.
Don’t wait—file your return today!