First time submitting your Revenue Tax Return? Don’t fear! From understanding should you truly must file, to selecting the correct type, and assembly the deadline, right here’s a easy guidelines of the ten most essential issues it’s best to bear in mind.
Submitting your first ITR (Revenue Tax Return) can really feel overwhelming. Nonetheless, 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 will need to file your ITR should you meet any of those circumstances:
- Your whole revenue exceeds the prescribed taxable restrict.
- You personal belongings in India or overseas.
- You might have investments in shares, ESOPs, or different markets.
- Your whole financial institution deposits exceed ₹50 lakh.
- Your financial savings/present account whole steadiness exceeds ₹1 crore.
- You’ve paid over ₹1 lakh in electrical energy payments in a yr.
- 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 whole taxable revenue
Your taxable revenue = whole earnings (wage + curiosity + investments) minus deductions (if any).
Deductions can embrace:
- PPF or NPS contributions
- Life/Well being Insurance coverage premiums
- Residence Mortgage curiosity
- Lease funds (if eligible)
3. Previous regime or new regime?
The brand new regime affords decrease tax charges however fewer deductions. The previous regime has increased 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.
Further 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’ll be able to file until 31st December 2025, however you’ll pay a penalty of ₹1,000-₹10,000 relying in your revenue and delay.
5. Maintain these paperwork prepared
- Kind 16 out of your employer(s)
- PAN & Aadhaar card (have to be linked)
- Proof of investments (PPF, FD, insurance coverage receipts, if relevant)
- Residence Mortgage curiosity certificates (if any)
- Every other deduction-related receipts
6. Know your Kind 16
Consider Kind 16 as your wage report card — it reveals your whole pay, deductions, and exemptions. Your employer points this, and it’s important for correct submitting.
7. Assessment your Kind 26AS
This type lists all revenue 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’ll be able to obtain Kind 26AS from the TRACES web site or by way of the Revenue Tax e-filing portal utilizing your PAN login.
8. Examine your AIS (Annual Data Assertion)
The AIS routinely lists your curiosity earnings, dividends, share transactions, and even international remittances. Do not forget 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 ‘Companies’ part, and choose Annual Data Assertion (AIS) to view or obtain it.
Further Studying: All the things You Want To Know About Revenue Tax Return For Freelancers
9. Full e-verification
Submitting isn’t 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’ll be able to e-verify by way of:
- Aadhaar OTP
- Web banking
- Digital Verification Code (EVC)
10. Decide the appropriate ITR type
- ITR-1: Revenue from wage, one home property, and different sources.
- ITR-2: People/HUFs with out enterprise revenue.
- ITR-3: People/HUFs with enterprise/skilled revenue.
- ITR-4: Presumptive enterprise/skilled revenue.
Submitting your ITR on time isn’t nearly avoiding penalties, it additionally helps you construct a clear monetary report, which might be essential for loans, visas, and future investments. If you happen to’re not sure, take skilled assist the primary yr – imagine us, it’s well worth the peace of thoughts.
Copyright reserved © 2025 A & A Dukaan Monetary Companies Pvt. Ltd. All rights reserved.