First Time ITR filing Guide: Know the important things to keep in mind before ITR filing

First Time ITR filing Guide: 31st July is the last date to file ITR. If you do not want any kind of charge or fee, then remember to file your ITR first. If you are going to file ITR for the first time, then this article is for you. Today we will learn about some such important points.

Taxpayers have two options available to file ITR. These include Old Tax Regime and New Tax Regime. Now very soon Form-16 will be given to the employees by the company to file income tax.

If you are also going to file ITR for the first time, then take special care of some things. So that you do not face any kind of problem in future. It is important to take care of some things before and after filing ITR.

Pay special attention to these things

While filing ITR, you may need documents related to salary and expenses. These will require salary slip, Form-16, rent bill, capital gain tax on shares and other benefits etc. Therefore, prepare all these documents in advance. So that there is no problem while filing ITR.

• Choosing the right form is also very important. Currently, ITR-1, ITR-2, ITR-3 and ITR-4 are available for filing ITR. Get information about all these forms. After this, choose the one that is suitable for you.
• You have to choose one of the old tax regime and the new tax regime. For this, you have to assess both of them correctly. Many types of exemptions are available in the old tax regime. These exemptions are not included in the new tax regime.
• Apart from this, calculate the income tax online before filing ITR. After which you can reduce tax by claiming deduction.
• At the same time, keep in mind that you have filed ITR before the deadline. Along with this, take special care of e-verification. If you know all these things, you will not face any problem while filing income tax.

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