00:00French Minister Nirmala Sitharaman took a big step in the budget of 2025.
00:11If your annual income is up to Rs. 12 lakh, you can take full advantage of the income tax
00:16rebate.
00:17In total, you will not have to pay any tax.
00:21This rule will apply from the next financial year, i.e. April 1, 2025.
00:25This change means that if your annual income is up to Rs. 12 lakh, then you can take full
00:32advantage of the income tax rebate under Section 87A.
00:35In this case, the question is that even people who earn less than Rs. 12 lakh will not need
00:40to enter the ITR.
00:41Will their tax payment be zero?
00:42So let's tell you in detail in this video.
00:43The answer to this is that even if your annual income is outside the tax, but still you have
00:53to file an ITR to take advantage of the rebate under Section 87A.
01:00Until you file an ITR, you will not get the benefit of the rebate.
01:05The benefit of this rebate will be given to those people whose income is up to Rs. 12 lakh,
01:10as well as those whose income does not include the tax on special rates.
01:15You will get this rebate only when you file an ITR.
01:20There are some special situations in which even if you have less income, it will be necessary
01:25to file an ITR.
01:27If you have foreign assets, more than Rs. 1 crore is deposited in your bank account,
01:33and you have spent more than Rs. 2 lakh on a foreign trip, you will have to file an ITR
01:40in this situation.
01:41Even if your income is less than Rs. 4 lakh, similarly, if your electricity bill is more
01:47than Rs. 1 lakh, and your sales are above Rs. 60 lakh, you will have to file an ITR in
01:52such a situation.
01:53If you do not file an ITR in these situations, then you may get a notice from the Income Tax
01:58Department.
01:59Although it is not a fine now, but a late fee is imposed.
02:03If you file an ITR after the fixed time, then a fee from Rs. 1000 to Rs. 5000 can be taken.
02:11Along with this, interest can also be added and it should be taken as per 1% per month.
02:17Although your income does not come under the tax area, there are benefits of filing an ITR.
02:22By filing an ITR, you get proof of your income and assets.
02:26This makes it easier to take loans from banks and other institutions.
02:30In addition, during the visa application for a foreign tour, an ITR can be required.
02:37Therefore, although you may feel that your income does not come under the tax area,
02:42but by filing an ITR, you can easily get many benefits in the future.
02:47What is your opinion on this news?
02:49Give us your opinion in the comment box.
02:51And keep watching GoodReturns for such updates.
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