ITR filing: What is the basic exemption limit for FY 2024-25 & under what conditions do you still need to file tax return?

Filing income tax returns for FY 2024-25 is necessary if taxable income exceeds ₹3 lakh (new regime) or ₹2.5 lakh (old regime). Mandatory filing also applies to high-value transactions like large deposits, foreign travel expenses, or high electricity bills.