How to file your IT return for the 1st time
What's the story
The Income Tax (I-T) department has already released online forms for ITR-1, ITR-2, and ITR-3. If you are a first-time taxpayer, it is recommended to take an expert's advice - a chartered accountant or an income tax expert, for filing a return. This becomes very important if you have multiple sources of income and numerous deductions that you intend to claim.
Registration process
Register on the I-T portal
Before you file your income tax return, you will have to first register on the I-T portal. For this, you will need to have a PAN, which should be linked to Aadhaar. Visit the Income Tax portal and click on 'Register' given at the top right of the page. Then, enter your PAN details and follow the steps as given.
Document collection
Gather essential documents
First-time filers should collect several critical documents to ensure accuracy and completeness. These include Form 16 from the employer, Form 26AS and AIS/TIS from the income-tax portal to cross-verify all sources of income, and tax credits claimed by employers, banks, and institutions. Other required documents include interest certificates, investment proofs (Section 80C/80D), home-loan statements, and capital gains slips.
Form selection
Which ITR form to choose?
There are different ITR forms based on your sources of income. For example, the salaried employees can file their return using ITR-1. As these earning sources increase, tax return forms also change. As a salaried employee, you also have to inform your employer about the tax regime that you are opting for.