IT returns: 8 tips for first-time taxpayers

Split your tax-saving deductions from gross income (earnings from salary and other sources) for taxable income.

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Pick between new regime that offers lower tax rates and old regime which offers deductions and tax benefits for savings

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Don't miss Form 16, which is a TDS certificate issued by employers to salaried individuals.

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Verify details in Form 26AS, this is a record of all income earned on which TDS has been deducted.

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Understand AIS, which contains additional details such as interest income, dividend income, securities transactions, MF.

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Know which form to file ITR-1: For individuals with salaries, showing income from one house property. Total income earned must not be over ₹50 lakh.

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ITR-2: For those who have no business or profession under a proprietorship.

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ITR-3: For those with income from a proprietary business or profession.

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ITR-4: For those with presumptive income from business or profession.

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Documents you need Bank account details PAN Card Aadhaar Details Form 16 for salaried taxpayers Proofs of investments made Home loan interest certificate Insurance premium payment receipts

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Once you have filed your ITR, the final step is to verify it. The verification can be done either online or offline.

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Note: Failing to file tax returns can result in a penalty of up to ₹5,000, even if the taxes have been paid.

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