10 Tips for First-time Taxpayers While Filing for ITR
5paisa Research Team
Last Updated: 19 Apr, 2024 09:42 AM IST

Content
- Know your total taxable income after deductions
- Old tax regime/ new tax regime
- Form 16
- Remember the due date of filing ITR
- Verify your Form 26AS for deposited tax
- Documents required
- Annual Information Statement
- Which ITR form to file
- Verification
- Penalty for not filing returns
- The penalty provisions are as follows
- Conclusion
As a first-time taxpayer, you likely have many questions about filing your Income Tax Returns (ITR). It may feel stressful, but don’t worry, we're here to help!
Filing your ITR isn't as difficult as it seems. You just need to understand the process, tax provisions, benefits, and gather essential documents. Not knowing how to classify income or calculate tax can be daunting, even with online filing.
Filing ITR has become fast and convenient, done easily from home. It's a series of quick steps to follow.
So, let's discuss 10 tips for first-time taxpayers to keep in mind while filing their Income Tax Returns (ITR).
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Frequently Asked Questions
You have to download the offline utility from the Income Tax portal and complete all the required fields and generate the JSON file by selecting the correct Income Tax form. Afterward, navigate to https://eportal.incometax.gov.in, where you'll need to input all the necessary details and upload the JSON file to the IT portal. Finally, choose one of the verification methods: Aadhaar OTP, EVC, or send a manually signed copy of the ITR V to CPC.
Income tax is the tax you pay on the money you earn. It's deducted from your salary or other income sources by your employer or banks (TDS). At the end of the financial year, you must file an Income Tax Return (ITR) to declare your total income and taxes paid. Understanding income tax basics is crucial for managing your finances and staying compliant with tax regulations.
While claiming deductions during tax filing, you typically don't need to submit any paperwork to the tax department upfront. However, it's essential to keep all relevant documents safe in case the tax department or assessment officer requests them or issues a notice. Having the necessary paperwork readily available can help you substantiate your claims and address any queries or requests from the tax authorities efficiently.