Income Tax Slabs FY 2025-26 after Budget 2025: Finance Minister Nirmala Sitharaman announced that taxpayers will not have to pay tax for income up to Rs 12 lakh from FY 2025-26. The basic income exemption limit has been raised to Rs 4 lakh. The important question in the minds of taxpayers is: do they still have to file their income tax returns if their income is below Rs 12 lakh?