First-time ITR filers keep these in mind

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If you are also going to file income tax returns for the  first time, then this news is very useful for you. It is very important to keep some things in mind while filling ITR. If you are a salaried employee, then you should take Form-16 from your company. New taxpayers should first know which tax regime is right for them. That is, first decide whether you have to choose a new tax regime or the old tax regime. The last date for filing an income tax return is 31st July of every financial year. Let’s know in detail.

Choose tax regime The tax rate in the new tax regime is lower whereas in the old regime, there are certain deductions and tax benefits which allow taxpayers to save tax. In the new tax regime, no tax has to be paid up to an annual income of Rs 7 lakh, while in the old tax regime, no tax has to be paid in an annual income up to Rs 5 lakh.

Select discount option However, there are many options to get tax exemption in the old tax regime. With the help of an online tax calculator, you can know in which tax slab you will have to pay less tax. Under the rule, if you choose the new tax regime, then you will have some options like EPF, PPF, and life insurance policy. First of all, find out your income.

Collect your Form 16 Form 16 is the TDS certificate given to the salaried employees by their employers. In this, all the necessary information has been given for filing your ITR. Not only this, it also contains information about earned salary deductions and exemptions claimed by you.

 Form 26AS is useful Before filing taxes, know that Form 26AS is a very important document. In this, the details of all your types of income are recorded in which TDS has been imposed. You can download your Form 26AS online. With its help, you can also fill out your ITR.

Annual Information Statement Annual information statement includes new information on interest, mutual fund transactions, foreign remittances, dividends, securities transaction information, etc.

Choose your ITR Form ITR-1: For resident individuals having income from salary, one house property, other sources (interest, etc.) and total income up to Rs.50 lakh. ITR-2: For individuals and HUFs not carrying on business or profession under any proprietorship. ITR-3: For individuals and HUFs having income from proprietary business or profession. ITR-4: For presumptive income from business or profession.

Required documents Aadhaar details Form 16 for saalaried Individuals Investment certificate Bank account details PAN card Home loan interest certificate Insurance premium payment receipt