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Bloomberg Quint

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Income Tax: Preparing To File ITR First Time? Key Things To Keep In Mind

  • Taxpayers, including salaried individuals, can begin filing their income tax returns for the previous financial year as the new assessment year 2025–2026 begins.
  • Here are 10 things first-time taxpayers should consider before submitting their ITR: 1. Select the correct ITR Form based on your financial status and source of income. 2. Choose the relevant tax slab and regime. 3. Report all sources of income. 4. Collect all income-related documents. 5. Verify personal information and link PAN with Aadhaar. 6. Understand available deductions and exemptions. 7. Fill up the form correctly with the required details. 8. Keep track of ITR filing dates. 9. Pay attention to enhanced I-T examining. 10. E-verify the ITR within 30 days of filing.
  • The ITR filing process can be completed online through the Income Tax Department's official portal.
  • It is important to adhere to the tax laws and have a clear understanding of the filing procedure to ensure a smooth filing experience.

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