With the September 15 deadline for filing Income Tax Returns (ITR) for FY 2024-25 just two days away, many taxpayers are falling for false claims online. A viral post says individuals earning below ₹12 lakh need not file taxes. Experts have dismissed this as dangerously misleading.
The confusion stems from Budget 2025, where Finance Minister Nirmala Sitharaman announced a rebate of up to ₹12 lakh under the new tax regime. However, this applies only from FY 2025-26. For the current year, the rebate limit remains ₹7 lakh. Filing is compulsory for anyone earning above ₹3 lakh, regardless of rebates.
Certified Financial Planner Ritesh Sabharwal explained, “The ₹12 lakh figure is a rebate, not an exemption, and starts next year. For FY 2024-25, income above ₹3 lakh must be filed.” Missing the September 15 deadline can lead to penalties up to ₹5,000, interest charges, refund delays, and scrutiny by the IT Department.
Experts urge taxpayers to act quickly. Collect documents like Form 16, 26AS, and bank statements, then file through the official portal incometax.gov.in. Timely filing secures refunds, maintains a financial record, and prevents penalties. Above all, filing builds long-term credibility for loans, visas, and subsidies.
