How to File ITR for the First-Time Tax Payer?

Are you a resident of India with an annual gross taxable income of more than Rs. 250,00? Or do you possess any moveable or immovable property here? If so, you must file an income tax return (ITR) each year. New taxpayers could be confused if they file an ITR for the first time. However, online media has made the procedure easier and simpler.

Income Tax Returns (ITR)

ITR stands for an Annual Statement, which informs the tax authorities of your income. This revenue can come from a wage, capital gains, business income, house rent, or any other sources. 

If this is your first time filing an ITR, read this article to learn how to do it. The ITR e-filing procedure is quick and simple, and it may be done from the convenience of one's home or workplace.

You can save money by filing your ITR electronically because you won't need to employ someone to do it for you. It's easier than it might seem to file taxes. Here's a step-by-step guide for you to file your income tax return online.

Required Documents

You should have the following documents with you before you begin to speed things along with the ITR registration and filing process:

1. PAN
2. Aadhaar Number
3. Bank account details
4. Form 16
5. Other Income information
6. Investments details (if any)

 

How to register yourself at the Income Tax Portal

If you're filing income tax returns for the first time, the first step is to register yourself on the portal. Furthermore, it is very crucial to file an ITR before the ITR filing last date. Generally, the last date for filing an ITR every year is July 31.

Follow the below process to register yourself on the portal-

Step 1: Visit the official e-filing portal at https://www.incometax.gov.in/iec/foportal

Step 2: Click on 'Register' to register yourself
Now, click on 'Taxpayer'

Step 3: Enter your PAN details, make sure the details are right and click on 'Validate'. Then, click on 'Continue'

Step 4: Enter your details like name, gender, address etc.

Step 5: Now, provide your contact details such as e-mail ID and registered mobile number

Step 6: After filling out the form, check your details and click on 'Continue'

Step 7: Once you verify the details, you'll be sent a One Time Password (OTP) to your registered e-mail ID and mobile number

Step 7: Enter the received OTP

Step 8: Once the OTP is verified, you'll be redirected to a new window that will ask you to verify the details provided by you

Step 9: You can further modify the details if there are any mistakes (If any). Following that, another OTP will be sent in order to verify the changes.

Step 10: Now, you'll have to set up a password and secure login message

Step 11: Click on 'Register'. Once your click, you'll receive an acknowledgement message on the success of the registration process.

Note - After registering yourself, you can submit an ITR. Make sure to calculate your taxable income following deductions and select an ITR form in accordance with the category you fit into.

ITR Filing

Before beginning the filing process, calculate your tax liability in accordance with the tax laws' provisions. Summarize your TDS payments for each of the 4 quarters of the assessment year using your Form 26AS. Determine the category you fall under and select an ITR form based on the definitions provided by the Income Tax Department (ITD) for each ITR form.

Here are the steps for income tax e-filing:

Step 1: Visit to the official e-filing website at https://www.incometax.gov.in/iec/foportal 

Step 2: Next, Enter your username and your Password
Once you logged into the portal, click on the 'e-file' tab. After that, click on the 'File Income Tax Return' tab

Step 3: Select the Assessment Year and click on 'Continue'

Step 4: Click on 'Online' as the mode of filing

Note - If you're an individual, then click on the option 'Individual'

Step 5: Choose the ITR form

Step 6: You'll be asked to provide a reason for filing your ITR

Step 7: Enter your Bank Account details. In case you have provided your Bank Account details, then pre-validate it

Step 8: You will then be taken to a new page where you can file an ITR after that. You must review the information on this page. Make sure the information is accurate. Validate your ITR summary once you've verified it.

Step 9: Verifying your returns is the last step before sending a paper copy to the Income Tax Department. The verification procedure must be followed. After that, send a copy to the Income Tax Department.