Do I file ITR if I earn less than Rs 12 lakh? Avoid these common mistakes

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Do I file ITR if I earn less than Rs 12 lakh? Avoid these common mistakes - Business Standard

Quick Summary:

Filing an ITR is crucial not just for compliance, but also to take advantage of available tax rebates and avoid penalties.

Under India’s new tax regime, the basic exemption limit for individuals is set at Rs 3 lakh.

For the Financial Year (FY) 2023-24 (Assessment Year 2024-25), under the new tax regime, the basic exemption limit is Rs 3 lakh for all individuals.{Basic exemption for FY24-25 under new regime is Rs 3 lakh while it has been revised in this year's budget to Rs4 lakh effective FY25-26}.