9 Essential Tips for New Taxpayers in India

PRIYANKA ROSHAN, JULY 4, 2024

understand your tax status

Determine your residential status (resident, non-resident, RNOR) to ascertain your tax liabilities in India.

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required documents

Prepare your PAN card, Aadhaar details, bank account information, Form 16 (for salaried taxpayers), investment proofs, and other necessary documents for filing your Income Tax Return (ITR).

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know your tax slab

Familiarize yourself with current income tax slabs and rates to calculate your tax liability accurately.

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utilize deductions

Explore deductions under Section 80C (e.g., PPF, EPF), Section 80D (health insurance premiums), and others to reduce taxable income.

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declare all income

Ensure to declare all sources of income, including salary, rental income, interest, and capital gains.

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file taxes timely

Adhere to tax filing deadlines to avoid penalties and interest charges.

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consult professional

Seek advice from tax professionals or advisors for complex tax situations or investment planning.

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plan investments wisely

Invest in tax-saving instruments like ELSS, PPF, and NSC to optimize tax benefits and build wealth.

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stay updated

Stay informed about tax law changes, new deductions, and filing procedures announced annually.

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