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Income Tax 2024: Those who file ITR for the first time must know these important things..

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Income Tax 2024: Filing income tax returns is an important duty of every taxpayer (taxpayers news). Those who receive income after a limit have to fill it. If you are also a taxpayer then this news is very useful for you. Especially if you are going to do this for the first time, then you must read this news. By the way, this time the last date for filing an income tax return (ITR file) is 31st July. If you have not filed an ITR yet, then file it as soon as possible. On the other hand, if you are going to file ITR for the first time, then there is a need to be very careful. If any information is missed or filled wrongly, then there may be trouble. Therefore, it is important to know many things before filing the return (income tax return).

First of all, there should be information about both tax systems.
For your information, let us tell you that at present there are two types of tax systems for filing ITR. First system (old tax regime) and second system (new tax regime). You should know about both these systems. There should be information about the advantages and disadvantages of both. For more information about both systems, visit the Income Tax website

Knowledge of the ITR form is necessary.
There are 7 types of forms for filing income tax returns (ITR Filling forms). You should know about all these forms. Also, you should know which form will be filled in the source from which your income is. For example, if your income is only from a job, then Form 1 i.e. Sahaj form is enough for you.

You should know about the total income.
You must know about your total income. If you do a job or do business somewhere, then add the annual income. Also, if you do business along with the job, then also add the entire annual income. Not only this, if any income is coming from any property, then include that in the total income as well.

Information about documents
While filing an ITR, you have to give many types of information. Therefore, before filing the return, collect those documents (documents required for its filling) based on which you can provide information. If you are employed, then these documents are necessary to file ITR:




Keep the updated statement or passbook ready till 31 March 2024 for all your bank accounts. Check-in each bank account how much bank interest has been given in a year. It is given four times a year. Total all.

If you have an FD, then go to the bank or post office and find out its accrued interest. You have to show both these types of interest in Income from Other Sources in the return form.

If you have invested somewhere and want to file the return as per the old tax system, then proof of the amount invested in it so that you can get an exemption in income tax.

If you have a home loan, then keep the loan/interest certificate ready (this will be available from the loan-giving institution).

Review of Form 26AS and AIS

Let us tell you that the government has all the information about whatever expenses you make (income information). All the information about any transaction that is linked to your PAN is in AIS. Also, 26AS contains information like TDS. Do not forget to match all this information with Form 16. You can download both forms 26AS and AIS from the official website of Income Tax.

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