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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.
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.
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.
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.
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.
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.
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’.
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.
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.
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.
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