First time submitting your Revenue Tax Return? Don’t fear! From realizing should you truly have to file, to selecting the correct kind, and assembly the deadline, right here’s a easy guidelines of the ten most necessary issues it is best to keep in mind.
Submitting your first ITR (Revenue Tax Return) can really feel overwhelming. Nevertheless, with a little bit of preparation, it’s a easy course of. Right here’s your step-by-step information.
1. Do you could file ITR?
You need to file your ITR should you meet any of those situations:
- Your complete earnings exceeds the prescribed taxable restrict.
- You personal belongings in India or overseas.
- You’ve gotten investments in shares, ESOPs, or different markets.
- Your complete financial institution deposits exceed ₹50 lakh.
- Your financial savings/present account complete stability exceeds ₹1 crore.
- You’ve paid over ₹1 lakh in electrical energy payments in a 12 months.
- You’ve spent over ₹2 lakh on international journey.
- Your annual gross sales worth exceeds ₹60 lakh (even when revenue is decrease).
2. Perceive your complete taxable earnings
Your taxable earnings = complete earnings (wage + curiosity + investments) minus deductions (if any).
Deductions can embody:
- PPF or NPS contributions
- Life/Well being Insurance coverage premiums
- Dwelling Mortgage curiosity
- Lease funds (if eligible)
3. Outdated regime or new regime?
The brand new regime provides decrease tax charges however fewer deductions. The previous regime has larger charges however permits extra deductions.
Tip: Use our on-line tax calculator or seek the advice of a Chartered Accountant to see which choice saves you extra.
Extra Studying: All About Submitting Nil Revenue Tax Returns
4. Mark the deadline
- With out penalty: File by 15th September 2025 (for FY 2024-25 / AY 2025-26).
- Late submitting: You possibly can file until 31st December 2025, however you’ll pay a penalty of ₹1,000-₹10,000 relying in your earnings and delay.
5. Preserve these paperwork prepared
- Kind 16 out of your employer(s)
- PAN & Aadhaar card (should be linked)
- Proof of investments (PPF, FD, insurance coverage receipts, if relevant)
- Dwelling Mortgage curiosity certificates (if any)
- Some other deduction-related receipts
6. Know your Kind 16
Consider Kind 16 as your wage report card — it exhibits your complete pay, deductions, and exemptions. Your employer points this, and it’s important for correct submitting.
7. Overview your Kind 26AS
This manner lists all earnings the place TDS (Tax Deducted at Supply) was utilized. Cross-check it to keep away from mismatches that may delay refunds.
The place to get it: You possibly can obtain Kind 26AS from the TRACES web site or via the Revenue Tax e-filing portal utilizing your PAN login.
8. Verify your AIS (Annual Info Assertion)
The AIS routinely lists your curiosity earnings, dividends, share transactions, and even international remittances. Keep in mind that a lot of your ITR will already be pre-filled primarily based on this.
The place to get it: Log in to the Revenue Tax e-filing portal, go to the ‘Providers’ part, and choose Annual Info Assertion (AIS) to view or obtain it.
Extra Studying: Every little thing You Want To Know About Revenue Tax Return For Freelancers
9. Full e-verification
Submitting shouldn’t be full till you e-verify your ITR inside 30 days of submitting. With out it, your return could also be marked “invalid” and refunds delayed.
You possibly can e-verify by way of:
- Aadhaar OTP
- Internet banking
- Digital Verification Code (EVC)
10. Choose the suitable ITR kind
- ITR-1: Revenue from wage, one home property, and different sources.
- ITR-2: People/HUFs with out enterprise earnings.
- ITR-3: People/HUFs with enterprise/skilled earnings.
- ITR-4: Presumptive enterprise/skilled earnings.
Submitting your ITR on time isn’t nearly avoiding penalties, it additionally helps you construct a clear monetary file, which will be essential for loans, visas, and future investments. For those who’re not sure, take skilled assist the primary 12 months – imagine us, it’s definitely worth the peace of thoughts.
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