Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term

Protect Your family’s financial future with Kotak e-Term. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Lifetime Income Plan

Retirement years are the golden years of life. Know more


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

ITR is an annual statement informing the tax authorities of your income. If this is your first time submitting an ITR, read this article to learn how to do it.

  • Feb 15, 2023

    Key takeaways

    9 Tips on how to File ITR for the first time without any errors.

    1. Find out the income tax slab

    2. Consolidate all your income sources

    3. Know the tax-savings investments

    4. Mention the correct details

    5. Fill out the form correctly

    6. Keep form 16 handy

    7. Don’t forget form 26AS

    8.Remember the ITR filing deadline

    9.Maintain the acknowledgment receipt

Filing your income tax returns can be confusing if you are paying taxes for the first time. Also, you do not want to get it wrong on 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.

9 Tips 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 determining your income tax calculation slab. Though the tax slabs do not change yearly, you should ensure 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 ₹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 can decrease your taxable income. If you have already invested in tax-saving tools, you can claim the deductions while filing your ITR. But if you have not yet, you should consider a suitable option that satisfies your requirements.

4.Mention the Correct Details

You must 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 must be careful about entering the correct details and not missing out on any of them.

5. Fill Out the Form Correctly

It is necessary to fill out the income tax return form correctly. You cannot skip any details or mention the incorrect one. This is why you should have 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. Do Not 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 for 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 must maintain the acknowledgment receipt as proof and for future reference. The receipt could come in handy anytime, so you should keep the verification received safely.

The Process of Filing ITR 

Registering on the portal is the first thing you should do if you are ITR filling in for the first time. Furthermore, it is imperative to submit an ITR before the deadline for submission. The last day to submit an ITR is typically July 31 of each year.

To sign up for the portal, follow the steps below 

  • Visit the e-filing website.
  • Select "Register"
  • Following that, select "Taxpayer."
  • After entering your PAN information, click "Validate." Next, select "Continue."
  • Give your information, such as your name, address, gender, etc.
  • Next, provide your email address and registered mobile number.
  • Click "Continue" once the form has been completed.
  • Your registered email address and phone number will receive an OTP once you have verified the information.
  • Type the OTP
  • You will be directed to a new window after the OTP has been validated and then confirm the information shared.
  • In the event that there are any errors, you can change the details again. Following that, another OTP will be sent in order to verify the modifications.
  • Last but not least, you must create a password and secure login message.
  • Then click "Register." An acknowledgment message confirming the completion of the registration procedure will be sent to you.


These tips will solve your doubts about 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.

Download Brochure


  • Increasing Life Cover*
  • Guaranteed^ Maturity Benefits
  • Enhanced Protection Through Riders
  • Tax Benefits
  • Dual Benefits: Guaranteed^Maturity + Death benefits

Ref. No. KLI/22-23/E-BB/999


Download Brochure


  • Enhanced Protection Through Riders
  • Life Cover
  • Tax Savings
  • Multiple Premium Payment Terms
  • Guaranteed @ Loyalty Addion
  • Accrued Guaranteed @ Additions

Ref. No. KLI/22-23/E-BB/490


- A Consumer Education Initiative series by Kotak Life

Similar Articles

Why PAN Card is Essential for Income Tax Filing?

Easy ways to make personal savings plans

All You Need To Know About Assured Savings Plan

What is the difference between TDS and TCS?

Are Financial Planning and Tax Planning the Same Thing?

Invest in Tax-Free Bonds: Understanding the Benefits and Who can Invest?

Key Changes of the Union Budget 2023 You Must Know

Saving Income tax in 2017 - 18

Income Tax Calculator: How Life Insurance Policies are Taxed? Explained

What is Rule 132 of Income Tax? How Does it Affect You?

Section 80D - Medical and Health Insurance Tax Benefits Under Section 80D

इनकम टैक्स रिटर्न कैसे फाइल करें?

What Investment Options Come with Tax Incentives?

Tax Exemption and Scope of Coverage

How to file Form 16 online?

9 Income Tax Myths That Could Cost You Money while Filing returns

A Guide to Life Insurance Policy’s Tax Benefits and Taxability

How to File Income Tax Return - Everything You Need to Know

What is Form 26AS - All You Need To Know

Complete Savings Plan for Low Income Earners

What is the Maximum Maturity Benefit in Assured Savings Plans?

What Is Advance Tax and How Is It Calculated?

Money Saving Tips for Single Women

What is Section 80C - Explained in Detail

Investment Proofs You Need Submit To Lower TDS Cut From Your Salary

What is Form 16B?

स्रोत पर कर कटौती (टीडीएस) क्या है?

Do Beneficiaries Pay Taxes on Life Insurance?

What is Tax Deduction at Source (TDS)?

12 Tax Changes in Budget 2022 that May Impact Your Personal Financial Planning

How to save tax for salaried person?

Section 44AD of Income Tax Act for AY 2021-22

Tax Rate Chart for FY 2022-2023: What is TDS Slab?

Tips to plan your savings in 2022

Guide for Tax Calculation on your Salary

Problems People Face with Tax Returns after a Job Change

Basics of Guaranteed Savings Plan

Tax-Free Income in India

Income Tax Deductions & Exemptions under Sections 80C, 80D & 80DDB for FY 2021-22 & 2022-23

What is the Percentage of Tax Deducted at Source (TDS)?

Importance of Savings Plan You Need to Know

Income Tax Filing Using Multiple Form 16

How much gold can you keep at home? Limits and income tax rules explained

List of Important Income Tax FAQs

Income Tax Effects on Salary Deductions in the Union Budget 2023

Things to Do After Filing Income Tax Returns

52 Weeks Savings Plan: Daily Savings Plans for a Better Tomorrow

How to e file ITR on Income Tax Government Portal

What is the Last ITR Filing Date and Penalty for Late Filing of ITR?

How to View 26AS and Download Form 26AS Online

What is the Difference between Form 16 and Form 16A?

Challan 280 - How to Use Challan 280 to Pay Income Tax

Should you prefer a Guaranteed Savings plan over monthly income schemes?

Section 10 (10d) of Income Tax Act, 1961 on Payouts of Life Insurance Policy

Impact of GST on Life Insurance in India

What is better - Guaranteed Savings Plan or Fixed Deposit?

What is TDS Slab?

Plan your Daughter's Wedding With Best Monthly Savings Plan

Received an Income Tax Notice? Your Guide to Understanding Intimations under Section 143 (1)

How To Save Tax Using Life Insurance?

Penalty For Late Filing TDS Return

Tax Season is Coming- Know How to Save Tax

Tax Saving Tips: Best Ways to Save Income Tax for 2021

What is HRA (House Rent Allowance) and How is HRA Exemption Calculated?

How to Calculate returns on an assured savings plan?

When Should TDS be Deducted and Who is Liable to Deduct it?

Union Budget 2023 and Tax Exemptions on Life Insurance Premium Over ₹5 Lakhs

A Comprehensive Guide to Understand the ITR 7 Form

All about TDS Payment Online & Due Dates

What is an Endowment Plan?

5 Popular Tax-Saving Schemes in India

How to Boost Your Savings with Guaranteed Results

प्रधानमंत्री सुरक्षा बीमा योजना

Understanding Tax Exemptions in ULIP (Old and New)

What is capital gains tax, and how it works?

Tax Saving Options for Salaried Employees

How to View 26AS and Download Form 26AS Online?

What is Section 10D of the Income Tax Act?

प्रत्यक्ष कर और अप्रत्यक्ष कर में क्या अंतर है?

How Should I Allocate A Monthly Savings Plan For Long-Term Benefits?

Investing Lump Sum Amount

आयकर रिटर्न (आईटीआर) फॉर्म के प्रकार

Personal Finance - How to Deal with Emergencies When Preparing Finances

How to File Income Tax Return without Form 16

Financial Planning and Best investment options for Housewives

Union Budget 2023: Impact on Life Insurance

How to Check Income Tax Returns Status Onine?

What is Form 16A?

What are Deferred Savings Plans?

How can NRIs prevent double taxation in India?

Have You Considered Term Insurance a Part of Your Tax Planning?

What is TDS Refund Process?

What is ITR 5 Form and How to File ITR 5?

Tax Saving Guide for 2019-20

Interest Imposed Under Sections 234A, 234B and 234C

Tax Saving for Self Employed in India

How Inflation Affects Savings and Investment?

What is TDS (Tax Collected at Source)? A comprehensive guide

TDS Due Dates of FY 2022-23 For Return Filing

What is Salary Protection Insurance and Why You Need It

Tax Saving Options other than Section 80C

How to E-Verify ITR: A Step-by-Step Guide to Electronically Verify your Income Tax Return

What is TDS Exemption Limit?

How to File ITR Online

What are Direct Taxes? How to Avoid being Overtaxed?

How can I get Form 16B from traces?

What is EEE in income tax? 5 tax-free investment options to become crorepat

Difference Between Guaranteed and Assured Returns

How To Save Tax Better with 80C

How Do Assured Savings Plans Work and Why You Should Consider One?

Tax-Savings Investments and Options in India

Why Tax Planning Should Be an All-year Round Activity

How to File Form 16 for Salaried Employees?

What is the TDS Rate on Salary?

Tax Planning Tips for a Newly Married Couple

Who Should Invest In Savings Plan

धारा 80डी आयकर अधिनियम, 1961

TDS rules on the sale of jointly owned property

Insurance and Endowment: Everything You Need to Know!

All you need to know About Tax on Inheritance

How to File TDS Return?

धारा 80सी आयकर अधिनियम, 1961

Home Investment Plan to Buy Dream Home

What is Section 80CCC of the Income Tax Act 1961

Tax Deductions You MUST Know

आयकर स्लैब 2021-2022

Tax Structure in India

Income Tax Deduction Under Section 80CCC In India

हाउस रेंट अलाउंस क्या है और इसके छूट की गणना कैसे की जाती है?

All about TDS on Salary under Section 192 – Kotak Life

Difference Between Guaranteed Savings Plan and Guaranteed Income Plan

What To Do If Your TDS Is Not Deposited With The Government?

भारत में महिलाओं के लिए सरकारी योजना

8 Things to Help You Select a Savings Investment plan

Income Tax Exemption for Disabled

How to Check Income Tax Refund Status Online in India

How to create wealth through a savings plan?

Understand ITR4 Form: How to Fill, Structure & Determine Your Eligibility

What is Section 80C Deduction?

Tax Benefits of ULIP Plans Available for NRIs

What are the Different Types of Taxes in India?

Types of Riders in Insurance Policy

Financial Benefits and Government Schemes Every Woman in India Should Know

Form 16, Form 16A, and Form 16B?

What is ITR & How to File Income Tax Return?

How to Download Form 16?

How Much Money This Budget 2019 Can Help You Save

Best Savings plan for the middle class in India

How to Claim a Tax Refund?

How to Save Tax on Salary Arrears?

How to File Form 10E for Tax Relief on Salary Arrears?

LTC Cash Voucher Scheme October 2020 – Everything You Need to Know

ITR 2 Form – Complete Guide

Highlights of the Union Budget 2023-24

Difference between Section 80C, 80CCC, 80CCD & 80D

How to Get Form 16?

Presumptive Taxation for Business and Profession

Tax Planning and Tax Benefits of Life Insurance

ITR-6: Guide to filing ITR-6 Form online

सुकन्या समृद्धि योजना (SSY) के कर लाभ क्या हैं?

What is the Difference between Assessment Year (AY) and Financial Year (FY)?

How to create a savings plan and make good investment choices

Tax Benefits for Startups in India

sections Under Section 80C of the Income Tax Act, 1961

What is indirect tax and its types?

Why is Form 16 Important?

Income Tax Exemption for Physically Handicapped Dependent

Everything You Need to Know About Tax Benefits of National Pension Scheme (NPS)

Pradhan Mantri Suraksha Bima Yojana

Difference Between Gross Income & Total Income in Calculating Income Tax

Save Income Tax by 31st March: Here Is a Checklist

All You Need to Know About Section 80C

Budget 2019: Impact on the Common Man in India

Tax Benefit of Investing in Term Plan

E-Filing of Income Tax Returns in India

Should one prefer a guaranteed savings plan over monthly income schemes?

What is Section 80C Deduction Limit?

Section 16 of the Income Tax Act (ITA), 1961

How to Pay Advance Tax Online in India

Post Office Savings Scheme - All You Need to Know

How to Check Income Tax Refund Status Online in India

Income Tax Deductions Under Section 80C

Section 80G of the Income Tax Act

Guaranteed Return Plans-Why is it a must for you?

How To Invest In Guaranteed Return Plans For Higher Returns And Financial Security?

A Complete Guide for Filing ITR 3 Form

Saving Plans to Give Children a Debt-free College Education

Maximize Your Savings: Tax Tips for Salaries Above ₹20 Lakhs

What is the Difference Direct Tax and Indirect Tax

How to Save Income Tax with Insurance

Income Tax Deductions for Disabled Persons Under Section 80U

Income Tax Benefits for Doctors

Personal Finance - Meaning, Importance, and Tips for Personal Finance

Why January Is an Important Month for Saving Tax?

Section 80E: Tax Exemption on Interest on Education Loan

Types of Income Tax Return (ITR) Forms

Income Tax Slabs and Rates in India for FY 2021-22/AY 2022-23

Is PF Withdrawal Taxable for NRI?

Section 80C Deductions as per Income Tax Act, 1961

What is Section 195 of the Income Tax Act? TDS on Non-Residents of India

What is a savings plan?

What is Tax Evasion, and What are the Penalties for Tax Evasion in India?

Top 8 Tax-Saving Methods in India- Budget Planning

ITR 1: Sahaj Form

3 Tips to Buy Guaranteed Savings Plan

Income Tax Filing For NRI in India

9 Unusual Investments you Didn't Know for Saving Taxes in India