Income tax Return - Filing may be mandatory even with Zero Tax
14
Apr
Income Tax Alert: File Your Return Even If Your Tax is ZERO!
With all the recent buzz about zero income tax on income up to ₹12 lakhs, it’s important to clear the air and keep the facts straight – especially when it comes to your responsibilities for FY 2024-25 (AY 2025-26).
Here’s what you must know 👇
✅ 1. The ₹12 lakh zero-tax benefit is for FY 2025-26, i.e., the current financial year – not the one that just ended on 31 March 2025 (FY 2024-25).
✅ 2. For FY 2024-25, under the default New Tax Regime, your income tax liability is zero only if your income is up to ₹7 lakhs.
✅ 3. Most importantly – even if your income tax is nil, but your total income exceeds ₹3 lakhs (basic exemption limit), you are still required to file an ITR.
🚫 Failing to file can lead to penalties under the Income Tax Act.
📢 Let’s not confuse headlines with compliance. Stay informed, stay compliant.
For questions or help filing your ITR, reach out to us at Fintaxcraft.com 💼📊
