The Income Tax Department requires individuals earning above ₹4 lakh to file an ITR, even if their tax liability is zero.
The new tax regime eliminates income tax for individuals earning up to ₹12 lakh, providing relief to the middle class.
Finance Minister Nirmala Sitharaman will present the General Budget on February 3, 2025.
Finance Minister Nirmala Sitharaman will unveil her eighth consecutive Union Budget on February 1.