Kotak Life

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

  • Icon for Kotak Preferred e-Term Plan

    Kotak e-Term Plan

    Kotak e-Term Plan provides a high level of protection to your loved ones in your absence.

  • Kotak E-Invest Plan

    Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs.

  • Icon for Kotak Guaranteed Savings Plan

    Kotak Guaranteed Savings Plan

    Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and provides an insurance cover against any eventuality.

  • Icon for Kotak Preferred e-Term Plan

    Kotak Lifetime Income Plan

    Kotak Lifetime Income Plan gives you the security of your income continuing thru your life and in your absence throughout your spouse's lifetime!

  • Icon for Kotak Preferred e-Term Plan

    Kotak Health Shield

    Kotak Health Shield Plan helps secure your finances in sudden medical expenses such as Cardiac, Liver, Neuro, and Cancer (all early and significant illness stages/conditions of cancer), along with offering protection for personal accidents - in case of accidental death or disability.


Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.


How to File Income Tax Return for First Time Tax Payers

Term Insurance Quote
  • 17th Jan 2020
  • 1,429

How to File Income Tax Return for First Time Tax Payers

Filing your Income Tax Returns can be confusing if you are paying taxes for the first time. Also, you don’t want to get it wrong at your first try either. You might have gotten your first job or become eligible to pay taxes due to the income tax slab but you have no reason to worry.

9Tips on How to File ITR online for the first time without any errors:

1. Find Out the Income Tax Slab

Before you file ITR, you should find out the income tax slab that is relevant to you. You can only know your tax liability for that specific financial year by finding out your income tax slab. Though the tax slabs don’t change every year, you should make sure that you are up-to-date with the changes. According to the current income tax slab, Indian residents and NRIs do not have to pay taxes if their annual income is below INR 2.5 lakhs.

2. Consolidate All Your Income Sources

When you are filing your ITR, you have to consider all your income sources and not just the salary you earn from a company. This income from other sources could be a scholarship grant, rent, interest received from a savings account, or an income earned from agriculture. Even if the income you are earning is tax-free, you have to mention it when you file the income tax returns.

3. Know the Tax-Savings Investments

There are various financial investments that give you tax benefits. You can claim up to a certain amount under the tax-savings provisions like Section 80C, 80D, 80G, etc. By investing your money in such instruments, you are able to decrease your taxable income. If you have already invested in tax-savings tools, you can claim the deductions while filing your ITR. But if you haven’t, you should consider a suitable option that satisfies your requirements.

4. Mention Correct Details

You have to enter personal details like PAN number, Aadhaar number, bank account number, IFSC code of your branch, and email ID while filing the ITR. You have to provide this every time you file income tax returns. Hence, you have to be careful about entering the correct details and not missing out on any of them.

5. Fill the Form Correctly

It is necessary to fill the income tax return form correctly. You cannot skip any details or mention the incorrect one. This is why you should have the Form 16 and Form 26AS with you to avoid errors.

6. Keep Form 16A Handy

If you receive income from other sources then Form 16A is an important document for you. Form 16A contains the details of tax deducted on the other incomes that you earn and can be used as a guide while filing income tax returns for the section ‘Income from other sources’.

7. Don’t Forget Form 26AS

Form 26AS contains the Tax Deducted at Source (TDS) which can be used to cross-check for any mismatch of taxes. This form is easily available on the TRACES website and should be checked before filing your ITR.

8. Remember the ITR Filing Deadline

The last date of filing your income tax returns is 31 July unless it gets extended by the government. You need to file your income tax returns before the deadline but it is advised
to do it in advance. With this, you can avoid errors and get the stress of filing ITR off your mind.

9. Maintain the Acknowledgment Receipt

If you choose the offline or online mode to file your income tax returns, you have to maintain the acknowledgment receipt as proof and for future reference. The receipt could come handy anytime which is why you should keep the verification received safely.

These tips will solve your doubts on how to file income tax returns the first time. If you keep these nine tips in mind while filing your ITR, the process will be like a cakewalk for the times to come.

Read Here for More Related Articles:

- A Consumer Education Initiative series by Kotak Life

Also read

  • Impact of GST on Life Insurance in India

    GST impact on Life Insurance? After the introduction of GST, the premium rates increased with taxes on the entire premium. Read more on GST impact on ...

    Read more
    • 2nd Dec 2021
    • 648

    Can You Get Term Insurance Without Income Proof?

    Investing in a term plan have risen to the top of priority. The majority of people want to know if they can acquire term insurance without medical & ...

    Read more
  • Form 16, Form 16A, and Form 16B?

    What is Form16? Form 16 for salaried employees or salary certificate includes all the information of salary during a financial year. Click here to kno...

    Read more

Related Plans

  • Kotak Assured Savings Plan

    Kotak Assured Savings Plan

    Kotak Assured Savings Plan is an affordable protection plan that enables you to accumulate wealth and strengthens your finances for the future.

    Know more