For Individuals the Basic exemption limit is Rs.4,00,000 in income tax in New Regime for AY 2026-27 and due to rebate u/s 87A, tax upto Rs.60,000 is not payable if normal taxable income above is Rs.4,00,00 but upto Rs.12,00,000 But ITR filing is mandatory if income is above basic exemption limit of Rs.4,00,000 Some tax payers think that now they don't need to file ITR as their annual income was below 12,00,000