First Time ITR Filing: Documents Required, Income Limit & How to File ITR for First Time

Filing your income tax return(ITR) for the first time may seem daunting, but it’s essential to do so on time to avoid interest and penalties. In this article, we will discuss the entire process, providing clarity on the required documents, income limits, and step-by-step instructions for filing your ITR online.

Documents Required for First-Time ITR Filing

You need the following documents to file your ITR accurately:

• Form 16: This is issued by your employer, detailing your salary income and the tax deducted at source (TDS).
• Form 26AS and Annual Information Statement (AIS): These are tax credit statements that reflect all TDS and other taxes paid on your behalf.
• Bank Statements: Required for reporting interest income and verifying transactions.
• Salary Slips: Helps verify the salary details entered in the ITR form.
• Investment Proofs: Receipts for tax-saving investments like LIC premiums, Public Provident Fund (PPF), and Equity-Linked Saving Scheme (ELSS).
• House Rent Receipts or Rental Agreement: If you are claiming House Rent Allowance (HRA) exemption.
• Home Loan Interest Certificate: If you have taken a home loan, this certificate will help claim deductions.
• PAN and Aadhaar: Make sure that your PAN is linked with your Aadhaar for e-filing.
• Other Income Proofs: If you have any capital gains statements, business income records, or other income-related documents.

Income Limit for Filing ITR

If your income for the year exceeds the basic exemption limit, you are required to file your Income Tax Return (ITR). The basic exemption limit is as follows:

Old Regime

• Below 60 years: Rs 2.5 lakh
• 60 years or older, but below 80 years: Rs 3 lakh
• 80 years or older: Rs 5 lakh

New Regime

• Rs. 3 lakh irrespective of your age

If your income exceeds the basic exemption limit, then it’s time to file your ITR.

How to File ITR for the First Time Online?

You can follow the below-mentioned steps to file your ITR seamlessly for the first time:

Step 1: Register on the Income Tax e-Filing Portal

• Visit the official Income Tax e-filing portal.
• Click on ‘Register’.
• Enter your PAN under ‘Register as taxpayer’ and validate it.
• Fill in your personal details, such as name, gender, address, and contact information.
• Verify and submit your details.
• Enter the OTP sent to your registered email and mobile.
• Set a password to complete your registration.

Step 2: Login and Start Filing

• Log in using your PAN and password.
• Click on ‘e-File’ and then select ‘File Income Tax Return’.
• Select the Assessment Year (e.g., 2025-26).
• Choose the mode of filing as ‘Online’.
• Select the appropriate ITR form based on your income source. 

Click here to know which ITR form is applicable to you.

Step 3: Fill the ITR Form

• Review the pre-filled data (PAN, Aadhaar, bank details, TDS).
• Enter your income details (salary, interest, other sources of income).
• If applicable, claim deductions under Chapter VI-A (such as Section 80C, 80D, etc.).
• Verify and confirm all details before proceeding.

Step 4: Submit and Verify

• Submit the return online.
• E-verify your ITR using Aadhaar OTP, net banking, or other available methods.

You can also easily file your ITR using the Cleartax platform.

Benefits of Filing ITR

The benefits of filing ITR are as follows:

• Claim Tax Refund
• Easy Loan Approval
• Avoid interest and penalties
• Avoid notices
• Quick Visa Processing
• Carry Forward Your Losses

Conclusion

Although filing your taxes for the first time may seem like a hassle, it is important to finish the process on time in order to avoid penalties, interest, and notices. You can streamline the filing process and make sure you fulfil your tax obligations by adhering to the simple instructions provided in this guide. In addition to keeping you in compliance, timely and accurate filing offers advantages like accelerated visa processing, easier loan acquisition, and tax refund claims. With the right documents and a clear understanding of the filing procedure, you can make your first ITR filing a smooth and hassle-free experience.