Author: PEAK Business Consultancy Services | Category: First-Time Income Tax Filing – India
Filing your Income Tax Return (ITR) for the first time can seem intimidating—but it doesn’t have to be. Whether you’ve just started working, freelancing, or receiving income from investments, it’s essential to understand your tax obligations early on and file your return correctly.
This comprehensive guide is designed to help first-time taxpayers in India understand the ITR filing process step-by-step, select the correct ITR form, avoid common mistakes, and make use of all applicable deductions.
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1. Who Needs to File ITR in India?
- Your gross total income exceeds the basic exemption limit:
- ₹2.5 lakh (below 60 years)
- ₹3 lakh (age 60–80)
- ₹5 lakh (age 80+)
- You want to claim a refund for TDS deducted
- You’ve earned capital gains from shares, property, or mutual funds
- You’ve deposited over ₹1 crore in a bank or spent ₹2 lakh+ on foreign travel
- You want to carry forward business or capital losses
2. Why Filing ITR Is Important (Even If Not Mandatory)
- Helps claim TDS refunds from salary or bank interest
- Serves as valid income proof for loans, visas, and scholarships
- Creates a record of financial responsibility
- Enables future deductions and carryforward of losses
3. Documents Required to File Your First ITR
- PAN card and Aadhaar card
- Form 16 (if salaried)
- Bank account details (with IFSC)
- Form 26AS and AIS (download from income tax portal)
- Salary slips and TDS certificates
- Investment proofs (LIC, ELSS, PPF, etc.)
- Rent receipts for HRA
- Education loan or health insurance premium receipts
4. Selecting the Right ITR Form
- ITR-1: For salaried individuals earning up to ₹50 lakh, one house property, and no capital gains
- ITR-2: If you have capital gains, multiple house properties, or foreign income/assets
- ITR-3: If you’re a freelancer or self-employed
- ITR-4: For presumptive taxation under Section 44ADA/44AD (freelancers and small business)
Not sure which ITR form applies? Our experts can choose and file it for you correctly.
5. Step-by-Step Process to File Your First ITR
- Register on the official e-filing portal: www.incometax.gov.in
- Download or fill the applicable ITR form online
- Enter personal details, income sources, deductions, and taxes paid
- Verify against Form 26AS and AIS to ensure accuracy
- Compute total tax and pay any remaining balance tax
- Submit the ITR and complete e-verification
First-timer tip: Mistakes in filing can delay refunds. Let us file your ITR accurately and on time.
6. Deductions and Exemptions You Should Know
- Section 80C: Up to ₹1.5 lakh for LIC, PPF, ELSS, tuition fees
- Section 80D: Medical insurance premium up to ₹25,000 (₹50,000 for senior citizens)
- Section 10(13A): HRA exemption for rent paid
- Section 24(b): Interest on home loan (up to ₹2 lakh)
- Section 80E: Education loan interest (no cap)
- Section 80TTA: Up to ₹10,000 on savings account interest
7. Common Mistakes First-Time Filers Make
- Choosing the wrong ITR form
- Failing to verify return after submission
- Missing out on deductions and exemptions
- Not matching income with Form 26AS and AIS
- Reporting only salary and ignoring interest/capital gains
Avoid mistakes with our guided ITR filing service.
8. E-Verification – Complete the Process
Your ITR filing is incomplete unless e-verified. You can do it through:
- Aadhaar OTP
- Net banking
- Bank ATM (select banks)
- Sending signed ITR-V form to CPC Bangalore (within 30 days)
9. What Happens After Filing?
- The Income Tax Department processes your return
- Any refund due is credited to your bank account
- You receive an intimation under Section 143(1) confirming tax computation
Track your refund status on the income tax portal—or let us do it for you.
10. Why Choose OurTaxPartner.com for First-Time ITR Filing?
- Expert support tailored for first-time filers
- Accurate form selection and deduction maximization
- Form 26AS, AIS, and salary reconciliation
- Refund tracking and post-filing assistance
- Affordable packages and fast processing
Click here to start filing your first ITR the easy way with PEAK Business Consultancy Services
Conclusion
Filing your first income tax return doesn’t have to be stressful. With the right information and guidance, you can ensure compliance, save taxes, and build a strong financial foundation.
Take the first step today. File your first ITR with our expert guidance and peace of mind.
Need help preparing documents, selecting deductions, or submitting your ITR? Visit www.ourtaxpartner.com/filing-service/income-tax-efiling to speak with our consultants today.
