New Delhi, Feb. 19 -- In Budget 2025, Finance MinisterNirmala Sitharaman announced that taxpayers withincome upto Rs.12 lakh do not need to pay any income tax. Aside from this,salaried taxpayers will be entitled to take an additional benefit of no tax by virtue of Rs.75,000 standard deduction.

Notably, these changes will come into effect from April 1 2025, which means when you file your tax return in July 2025 (if you are a late filer) or in June (if you are an early filer) then these changes will not apply.

In July 2025, taxpayers willfile tax returns for financial year 2024-25 wherein the provisions of Finance Act 2024 will apply.

In Budget 2024 announced on July 23 last year, Ms Sitharaman announced the new tax slab rates and even r...