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Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
Filing your ITR is crucial in managing your finances and fulfilling your responsibilities as a citizen.
Filing your Income Tax Return (ITR) in India is not just a civil duty but a gateway to multiple benefits. Beyond compliance, ITR filing allows taxpayers to claim refunds, and maintain financial discipline. Whether you are a first-timer or a seasoned taxpayer, understanding how to file ITR for first time and its advantages is crucial.
Income Tax Return (ITR) is a form that taxpayers in India use to declare their income, deductions, and tax payments to the Income Tax Department. Filing your ITR is not just a bureaucratic duty—it has several benefits; if you have paid more tax than you owe, filing an ITR lets you claim a refund. There are several advantages of filing an ITR. Let us understand how to file income tax return for the first time and why it should be done yearly.
Filing your Income Tax Return (ITR) for the first time can be difficult. Here’s a simple step-by-step guide to make the process smoother:
To file an ITR, you must first register on the income tax department’s e-filing portal. This involves the following steps:
Once you have registered for the ITR, it is time to e-file. This can be done in the below-mentioned easy steps:
Now that you know how to file income tax return first time, let us move on to why it is important to do so. Filing your ITR is more than just a legal requirement—it is a smart financial move. Here’s why you should do it:
If you’ve paid more tax than necessary, filing your ITR allows you to claim a refund. Why leave your money with the government when it could be in your pocket?
Your ITR serves as a comprehensive record of your income. It’s essential for applying for loans or credit cards, as it shows financial stability.
If you’ve incurred losses in your investments, filing your ITR lets you carry them forward to offset future gains. This can significantly reduce your tax burden.
Filing your ITR on time helps you avoid penalties and interest charges. Staying compliant saves you from unnecessary hassles.
The process of filing ITR encourages you to maintain organized financial records. It helps you understand your income, expenses, and savings better.
By paying your taxes, you’re contributing to the development and infrastructure of the country. It is a way to be a responsible citizen.
Filing your Income Tax Return is a proactive financial step with numerous advantages. From claiming refunds to contributing to national development, the benefits are substantial. Embracing this annual responsibility keeps you compliant with the law and reinforces your financial credibility. Make ITR filing a regular part of your financial routine, and enjoy the peace of mind that comes with it.
1
If you miss the ITR filing deadline, you can still file a belated return by paying a late fee. However, you may lose certain benefits, such as carrying forward losses.
2
You can check the status of your ITR on the Income Tax Department’s e-filing website using your PAN and acknowledgment number.
3
To file an ITR for the first time, you need your PAN, Aadhaar, Form 16, bank statements, investment proofs, and other relevant documents.
4
The correct ITR form depends on your income sources, such as salary, business income, or capital gains. Refer to the Income Tax Department’s guidelines or consult a tax professional.
5
The penalty for late filing of ITR is ₹5,000 if filed after the deadline but before December 31 and ₹10,000 if filed after December 31. For taxpayers with income up to ₹5 lakh, the penalty is capped at ₹1,000.
6
To claim deductions and exemptions, list eligible expenses and investments under sections like 80C, 80D, and others while filing your ITR, and provide the necessary proof.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
