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Ref. No. KLI/22-23/E-BB/492
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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.
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.
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.
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 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.
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.
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.
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 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.
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.
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
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.
Ref. No. KLI/22-23/E-BB/999
Ref. No. KLI/22-23/E-BB/490