Filing your income tax return (ITR) for the first time can feel confusing. Even if you have been earning for a while, the process might seem technical, full of forms and jargon. This is significant particularly concerning some recent changes that have been brought in income tax return filing - from choosing the right ITR form or reporting your capital gains.
But once you understand the basics, it's far less intimidating than it looks. Here's a straightforward rundown of the most common questions first-time filers ask, and the answers that can help you navigate it without second-guessing everything.
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So, what exactly is income tax?
It is a direct tax you pay on the income you earn between April 1 and March 31 every year. This income can come from your salary, freelance work, rent, investments, or even selling property. The amount of tax depends on how much you earn and which slab you fall into. The more you earn, the higher the rate.
This tax goes into the government's pool for things like infrastructure, healthcare, education, and social welfare. That is the broad purpose. But for you, it's mostly about understanding how much you owe, paying it on time, and filing your return to report it properly.
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What are the income tax tax slabs for ITR filing for FY 2024-25 (Assessment year 2025-26)?
Current income tax slabs for FY 2024-25 under new tax regime are:
Up to Rs 3 lakh: Zero tax
Rs 3 lakh - Rs 7 lakh: 5 per cent
Rs 7 lakh - Rs 10 lakh : 10 per cent
Rs 10 lakh - Rs 12 lakh: 15 per cent
Rs 12 lakh - Rs 15 lakh: 20 per cent
Above Rs 15 lakh: 30 per cent
For old tax regime:
Up to Rs. 2.5 lakh: Zero tax
Rs 2.5 lakh - Rs 5 lakh: 5 per cent
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Rs 5 lakh - Rs 10 lakh: 20 per cent
Above Rs 10 lakh: 30 per cent
Why does filing a return matter if I'm already paying TDS?
This is a very common question that may come up in the mind of first time ITR filers. Your employer deducts tax at source (TDS) and sends it to the government. But filing an ITR is still necessary if your income crosses the exemption limit or if you want to claim a refund, declare other income, or adjust taxes already paid.
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Also, ITRs are often asked for when applying for loans, visas, or credit cards. They work as official proof of your income.
What's the deadline to file?
For salaried individuals, the last date to file ITR this year is September 15, 2025 (extended from the typical deadline of July 31) of the assessment year. So, for income earned between April 2023 and March 2024, you'll need to file by September 15 this year.
Filing ahead of the due date is safer. Plus, you don't want to end up dealing with server issues or last-minute errors.
How can I lower the amount of tax I pay?
It depends on whether you are under the old or new tax regime.
Under the old regime, you can reduce your taxable income by claiming deductions such as:
Up to Rs 1.5 lakh under Section 80C (via investments in PPF, ELSS, LIC premiums, etc.)
An extra Rs 50,000 under Section 80CCD(1B) for contributions to NPS
Premiums for medical insurance under Section 80D
Deductions for donations (80G), education loan interest (80E), and HRA (if you're paying rent)
In the new regime, most of these deductions are not available. But a few benefits still remain, like standard deduction, NPS contributions (by the employer). Additionally, the new regime offers you lower tax slabs as compared to the old regime.
If you don't have too many deductions to claim, the new regime might actually work better, however, you will need to run the numbers.
How do I actually file my return online?
The process is pretty straightforward now. Here's what it usually looks like:
1. Go to the official portal of income tax department [incometax.gov.in](https://www.incometax.gov.in/) to begin with your ITR filing.
2. Log in with your PAN. If it's your first time, register first.
3. Click on e-File, and then go to Income Tax Returns' and File Income Tax Return option subsequently.
4. Choose the year and whether you are an individual or something else (HUF, firm, etc.)
5. Pick the right ITR form based on your income sources
6. Choose your tax regime (old or new)
7. Review the details that are auto-filled, and edit if anything is missing or incorrect
8. Pay the remaining tax if needed, or proceed if there is a refund
9. Verify and submit the return
After this, you will get a confirmation, and you can download your acknowledgment (ITR-V) for your records.
How do I get a copy of my ITR later?
You can always download it by logging into the income tax portal.
Go to My Account and click on the option of 'View Returns/Forms'
Select Income Tax Returns and the relevant year
Download the ITR-V acknowledgement as a PDF
Keep a copy saved; it is often needed for financial applications later.
What's Form 16 and why do I need it?
Form 16 is a summary of your salary and tax details that your employer gives you every year if your income is more than ₹2.5 lakh.
It comes in two parts:
Part A: TDS details
Part B: Salary structure, exemptions, deductions
You will use this document while filing your ITR. It helps cross-check the tax already paid against your final tax computation.
What should I double-check before I file?
Some things are small but can cause problems if missed:
Make sure your PAN is linked with Aadhaar
Your bank account should be pre-validated (this is where refunds go)
File using the correct ITR form, filing with the wrong one can make it "defective"
Always verify the return after filing (through Aadhaar OTP, net banking, etc.)
Respond to any notices you get from the tax department
Skipping any of these can delay your refund or trigger follow-up notices. Best to avoid the headache.
Lastly, you should know that the Central Board of Direct Taxes (CBDT) tweaked the ITR forms this year. For instance, salaried taxpayers can now file ITR 1 (Sahaj) and ITR 4 (Sugam) forms even if they have income from LTCG under Section (u/s) up to Rs 1.25 lakh, however there should not be any carry forward or brought-forward capital losses.
If this is your first time going through it, give yourself some time. Read each section carefully and keep all your documents handy.
