First-Time ITR Filer in 2023-24?

 


First-Time ITR Filer in 2023-24?

Essential ITR Filing Tips for New Taxpayers:

There will be more than 53 lakh first-time ITR filers in the financial year 2023-24, which is excellent news, and chances are that you are also one of them.

Filing ITR feels like an achievement as it shows that you’ve entered a new life phase and can contribute to nation-building. From the outside, we all are proud and excited, but we all can agree that we are equally nervous and confused in our minds. The financial terminologies scare the majority of us, and filing online ITR feels like climbing a mountain.

No need to worry; here are some essential tips that will help newbies file ITR like a pro. Filing ITR is way easier and simpler if you follow these tips:

1. Get the basics right

It is a human tendency that we feel we know a lot, but in reality, we know way less than we think. Forget taxes, most people don’t even know how zip’s work. So, if you want a stress-free ITR filing experience, start with the basics because if you get this wrong, the journey ahead could be quite intimidating.

The first question that comes to everyone’s mind is when is the last date to file ITR? Remember, the last date to complete the ITR is 31st July 2024. Don’t wait till the last date to fill ITR.

If you have a partnership firm that doesn’t require an audit, the last filing date will also be 31st July, but the ITR filing date for a partnership firm, which requires an audit, is 31st October, so keep it in mind.

Another basic information that you need to remember is that the ITR is filed through the official government website. So don’t click on any malicious website to file ITR.

2. Get all the Documents Ready

If you’re filing ITR for the first time, make sure you have all the required documents near you. Most people start filing the ITR form and then realize they don’t have a vital document. Proper preparation of documents will make the filing process more manageable and also create less confusion.

The exact documents needed for ITR filing can vary according to your income sources and deductions claimed. Here’s the list of general documents that you must have with yourself before the ITR filing date 2023-24 goes by:

PAN Card: One of the most crucial documents needed for ITR filing. 

Aadhaar Card: It is mainly used for the E-verification process.

Form 16: A vital document to file ITR by a salaried individual. It is provided by your employer. 

Form 16A/ Form 16B/ Form 16C: Form 16A is issued for TDS deducted on payments other than salaries like fixed deposits, recurring deposits, etc. Form 16B is issued for the sale of property. Form 16C reflects the TDS on rent. 

Bank Account Details: When filing an ITR, you must disclose all your active bank details. So keep all the bank details near you. READ MORE

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