Let’s dive right into discussing tips that first-time taxpayers should keep in mind while filing for Income Tax Returns (ITR).
Your tax liability in a certain financial year is determined by the income slab that is applicable to you for that financial year.
Aadhaar Number, PAN Number, Bank Account Number with IFSC Code, contact number, and a valid email ID while filing up your ITR Form every financial year.
Make sure that you mention the sum total of all your income sources while you file your ITR.
There are a host of life and health insurance and investment schemes that make you eligible for tax deductions and exemptions as per the Income Tax Act, 1961.