Authors

Powered by

Home News

Filing Income Tax Return for the first time? These 8 tips are for you

First-time taxpayers can go wrong while filing ITR in FY 24. Here are 8 tips for them to choose a tax regime, review Form 26AS, and avoid penalties. Though E-filing ITR has become easy, the process can be daunting for first-time filers.

By Dhanam News Desk
New Update
It is important to file Income Tax returns correctly

Here are 8 tips for first-time tax-payers filing their ITR

Listen to this article
0.75x 1x 1.5x
00:00 / 00:00

ITR filing lessons for first-time taxpayers: It's income tax filing season. Salaried individuals should have received their Form-16 from employers by now and can begin filing their income tax returns (ITRs). E-filing ITR has become quick and easy, allowing individuals to complete it conveniently. However, the process can be daunting, especially for those who are filing it for the first time.

Here are eight lessons for first-time taxpayers filing their ITR

  1. Total taxable income: This includes your gross earnings from salary and other sources, minus any tax-saving deductions.

  2. New vs. old tax regime: Decide whether to opt for the new or old regime with deductions and tax benefits. Use online tax calculators to determine which option minimises your tax liability.

  3. Form 16: This TDS certificate provided by your employer gives details of your salary, deductions claimed, and exemptions availed, which are essential for filing your ITR.

  4. Review Form 26AS: This document summarises income on which TDS has been deducted, which is crucial for accurate tax filing.

  5. Annual Information Statement (AIS): Includes details like interest income, dividends, securities transactions, and foreign remittances, pre-filled in your ITR form for ease.

  6. ITR forms to choose

ITR-1: For individuals with income from salary, one house property, and other sources.

ITR-2: For individuals and HUFs without business income.

ITR-3: For individuals and HUFs with income from business or profession.

ITR-4: For presumptive income from business or profession.

  1.  Documents needed: PAN card, Aadhaar details, investment proofs, home loan interest certificate, and insurance premium payment receipts.

  2.  Verify your ITR: After filing, verify your return online via Aadhaar OTP or offline by sending a signed ITR-V form to CPC, Bengaluru, within 30 days.

Income Tax Return filing deadline

File your income tax returns by July 31st of each financial year to avoid penalties.
These essential tips/ lessons will help ensure a smooth and accurate filing process for first-time taxpayers.

                                                    By arrangement with www.livemint.com

Author
Dhanam News Desk
Tags: income tax ITR ITR filing first-time taxpayers Form16
You May Also like