Income Tax Tips: If you are filing ITR for the first time, then keep these 5 things in mind..
The Income Tax Department has made the process of filing Income Tax Returns (ITR) very easy. Now returns are being filed online. Much information in the ITR form is already filled i.e. pre-filled.
Now a person can file returns easily. He just has to take care that the correct information is filled in the ITR form. Even those who file returns for the first time will not face any problems if they take care of certain things.
1. Choose the right form-
If you are going to file a return for the first time, then first of all you have to choose the right return form. For example, for people with income from salary, there is ITR Form 1. It is also called Sahaj. The reason for this is that it is the easiest to file. Individual taxpayers use this form the most. If you are not able to decide which ITR form will be right for you, then you can take the help of an expert.
2. Choice of income tax regime-
In Budget 2020, the government announced a new income tax regime. In Budget 2023, it was made the default regime. Individual taxpayers have the option to use either the new tax regime or the old tax regime. If he uses the new tax regime once, he can change it next time. Taxpayers who are going to file returns for the first time should think carefully and use the right option for themselves.
3. Form-16-
If you are employed, then the most important document for filing returns will be Form-16. Employers issue Form 16 to employees every year by June 15. It contains information about your gross income, taxable income, and tax deducted i.e. TDS. Salaried taxpayers can use the data of Form-16 to file returns.
4. Form 26AS and AIS-
Taxpayers who are self-employed or whose source of income is not salary, are required to download Form 26AS and Annual Information Report (AIS) before filing income tax returns. You can download both these documents from the portal of the Income Tax Department. In this, you will get information about TDS, TCS, and all types of financial transactions.
5. Verifying the return-
It is very important to verify the income tax return. It can be easily verified online through Aadhaar OTP. You can also verify it through your net banking facility. If you want to verify it offline, then you have to sign the ITR-V and send it to CPC in Bangalore. This work has to be done within 30 days.
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