The Step-by-Step Guide to Filing Your First ITR Online
- Bhavika Rajput
- 5 hours ago
- 9 min read
Filing your first Income Tax Return (ITR) can feel overwhelming, but it does not have to be a stressful experience. There are a few things to understand, from choosing the right form to submitting your details and keeping track of deadlines. With the updates from the Budget 2025, the process has become simpler and more straightforward. While it might seem like a lot at first, breaking it down into manageable steps can make the journey easier.
Table of Contents:
The Step-by-Step Guide to Filing Your First ITR Online for FY 2024-25
Filing your first ITR online might feel intimidating, but the process is more manageable when broken down into steps. Here’s a step-by-step guide to help you along the way:
Step 1: Understand Your Eligibility and Choose the Correct ITR FormFirst, determine which ITR form applies to you based on your income sources and type of taxpayer. You’ll need to select the appropriate form to file your return.
Step 2: Gather Required DocumentsCollect all the documents you’ll need, such as Form 16, bank statements, investment proofs, and more. Having these in one place will make the process faster.
Step 3: Log In to the Income Tax e-Filing PortalOnce your documents are ready, go to the official e-filing portal and log in using your PAN. You may need to link your Aadhaar if it isn’t already linked.
Step 4: Fill in Personal and Income DetailsEnter your personal and income details in the selected ITR form. Be sure to review pre-filled information to ensure accuracy.
Step 5: Verify Tax Computation and Pay Tax (if applicable)The portal will calculate your tax based on the information provided. If there’s tax to be paid, make the payment online.
Step 6: Submit and Verify Your ReturnSubmit your return and verify it using any of the available methods, such as Aadhaar OTP, net banking, or physical verification.
Step 7: Keep Acknowledgment for RecordsAfter submitting, download the acknowledgment for your records, which serves as proof that you’ve filed your return.
TaxBuddy simplifies each of these steps. From helping you choose the right ITR form to auto-filling your income details and generating tax calculations, It streamlines the entire process. It helps ensure accuracy, minimizes manual data entry, and guides you through each step in a simple, user-friendly way.
Understand Your Eligibility and Choose the Correct ITR Form
The first step in the filing process is determining which ITR form you need to use. The Income Tax Department provides various forms based on the type of taxpayer and the sources of income. The two most common forms for individuals are:
ITR-1 (Sahaj): This form is meant for individuals with income up to ₹50 lakh from salary, one house property, family pension, and agricultural income up to ₹5,000. It’s simple and ideal for first-time filers who have basic income sources like a salary and interest.
ITR-4 (Sugam): This form is for individuals, Hindu Undivided Families (HUFs), and firms that have income from business or profession under the presumptive taxation scheme.
Choosing the correct form is essential, as filing the wrong form could lead to delays or rejection of your return.
Gather Required Documents for ITR Filing
Before you begin filing, it's important to gather the necessary documents. These include:
PAN Card: This is your primary identification for the tax filing process.
Aadhaar Card: If you haven’t already linked it to your PAN, you’ll need to do so for authentication.
Form 16: This is provided by your employer and contains details of your salary, tax deducted at source (TDS), and other relevant income.
Bank Account Statements: For interest income, TDS details, and refund purposes.
Investment Proofs: This includes investments for claiming deductions, such as under Section 80C.
Capital Gains Statements: If you have any income from the sale of assets, this is needed for reporting.
Access the Income Tax e-Filing Portal
To file your ITR, the first thing you need to do is visit the official Income Tax e-Filing portal. Here’s how you can access it:
Go to the Income Tax e-Filing portal ( https://www.incometax.gov.in/iec/foportal/ ).
Log in using your PAN as your User ID and enter your password.
If your PAN is not yet linked with your Aadhaar, you’ll be prompted to link them before proceeding.
Once logged in, you’ll be directed to the dashboard, where you can begin the filing process. TaxBuddy integrates seamlessly with this portal, as it is an E-Return Intermediary (ERI), allowing you to complete your filing directly through the platform. By syncing your data and streamlining the steps, TaxBuddy ensures you can focus on accuracy and efficiency, making the entire filing process much smoother.
Start Filing Your Return
Once you've logged into the Income Tax e-Filing portal and selected the correct ITR form, it's time to begin the filing process. Navigate to the "e-File" menu on the dashboard and select Income Tax Returns > File Income Tax Return. Then, choose the Assessment Year and opt for the Online mode of filing.
Selecting the correct ITR form can sometimes be tricky, but this step ensures that the right form is chosen based on your eligibility. Many online tools can assist with this, helping you quickly and accurately select the correct form for your needs.
Fill in Personal and Income Details
Next, you'll need to provide your personal and income details. This includes basic information such as your name, PAN, address, and bank details. After that, you’ll enter income details, including salary, house property income, interest income, and other sources.
Many e-filing systems today can auto-populate your details from Form 16, reducing the time and effort required to fill in your personal and income details. This feature ensures accuracy and saves you from manually entering numbers that could lead to mistakes.
Verify Tax Computation and Pay Tax if Due
Once the details are filled in, the system will automatically calculate your tax liability. It will include tax deductions, exemptions, and applicable rebates, helping you understand how much tax you owe or whether you’re eligible for a refund.
If you owe any tax, you can pay it directly through available methods like net banking or UPI. Some systems may also offer a breakdown of payment options and simplify the payment process, making it more efficient.
Submit and Verify Your ITR
After filling out all the details and ensuring the tax calculations are correct, you can submit your ITR. Once submitted, it must be verified within 120 days, or the return will be considered invalid. Verification can be done via Aadhaar OTP, net banking, or by mailing a signed physical copy of the ITR-V to CPC Bengaluru.
It’s crucial to verify your return promptly to complete the filing process. Electronic verification is the quickest and most convenient method, allowing you to finalize your submission without any paperwork.
Keep Acknowledgment for Records
After successfully submitting and verifying your ITR, the final step is to download and save the ITR-V (Income Tax Return Verification) for your records. This acknowledgment serves as proof that your return has been filed and verified.
To download the ITR-V, go to the "View Filed Returns" section of the portal, select the relevant return, and download the acknowledgment. Make sure to save the document securely on your device, and print a copy for your personal records.
This document is important for any future tax assessments, audits, or amendments. It will also be needed if you choose to file an amended return or respond to any queries from the tax department. Keeping a copy of the ITR-V is essential for your future reference.
Important Dates for FY 2024-25 ITR Filing
Meeting the filing deadlines is crucial to avoid penalties or interest. Here are the key deadlines for FY 2024-25:
Category of Taxpayer | Due Date for Filing ITR (FY 2024-25) |
Individuals/HUF/AOPÂ (no audit required) | 31st July 2025 |
Businesses requiring audit | 31st October 2025 |
Businesses with transfer pricing reports | 30th November 2025 |
Revised/Belated Returns | 31st December 2025 |
Updated Return | Up to 4 years from end of AY (31 March 2030) |
Filing your return as early as possible ensures that you avoid any last-minute stress. It also gives you ample time to address any mistakes or discrepancies in the return.
Recent Amendments and Updates from Budget 2025 & Finance Bill 2025
The Budget 2025 and Finance Bill 2025 introduced several changes that can affect your ITR filing for FY 2024-25:
Virtual Digital Assets: These assets are now treated as undisclosed income in certain cases, which could impact tax assessments for those involved in cryptocurrency or digital asset trading.
No Changes to Tax Slabs: The tax slabs remain the same for FY 2024-25. However, the revised tax slabs under the New Tax Regime (Section 115BAC) will come into effect in FY 2025-26.
Standard Deduction and Rebate: There have been revisions to the standard deduction and rebate thresholds, making more individuals eligible for a no-tax status. For instance, the standard deduction of ₹75,000 means that individuals with taxable income up to ₹12.75 lakh can now file with no tax due.
Presumptive Taxation for Non-Residents: A new 25% presumptive taxation regime has been introduced for non-resident service providers.
TDS Changes: The tax deduction at source (TDS) on insurance commission has been reduced from 5% to 2%.
These changes ensure that the tax system remains up-to-date with the latest trends in the economy and digital finance. Being aware of these amendments will help ensure that your filing is compliant with the current tax laws.
Conclusion
Filing your first Income Tax Return (ITR) can seem like a daunting task, but by breaking it down into manageable steps, it becomes much more approachable. From understanding the eligibility criteria and selecting the right ITR form to verifying the tax computation and submitting the return, each step is essential to ensure compliance with tax laws. By staying organized, gathering the necessary documents, and following the correct filing procedures, you can confidently complete your ITR filing. And with the right tools, you can make the entire process faster and more efficient, ensuring that you meet all deadlines and avoid any potential errors or delays.
Remember, ITR filing is not just about fulfilling a legal obligation; it’s an opportunity to claim refunds, exemptions, and deductions that could benefit you financially. So, keep track of the deadlines, double-check your information, and file your return well before the last date to avoid any penalties or complications.
FAQs
What is the deadline for filing my ITR for FY 2024-25?
The due date for filing ITR for most individuals is 31st July 2025. However, if you're a business requiring an audit, the deadline is 31st October 2025, and if you have transfer pricing reports, it’s 30th November 2025.
Can I file ITR if I missed the due date?
Yes, you can file a belated return, but it must be submitted by 31st December 2025. Keep in mind that there could be a penalty or interest on any outstanding tax payable if you file after the due date.
How do I choose between the old and new tax regime for filing ITR?
The new tax regime offers lower tax rates but removes most deductions and exemptions. The old tax regime allows you to claim deductions and exemptions but has higher tax rates. You should choose based on your total taxable income and eligible deductions.
What documents do I need to file my ITR?To file your ITR, you will need:
PAN Card
Aadhaar Card
Form 16 (issued by your employer)
Bank statements (for interest income)
Investment proofs (for deductions under Sections like 80C)
Details of other income sources (if any)
Can I file ITR without Form 16?
Yes, you can file ITR without Form 16, but you must manually enter the income details from your salary and taxes deducted at source (TDS). If you don’t have Form 16, you can also use your pay slips or bank statements to gather the necessary information.
How do I claim tax exemptions and deductions in ITR?
Tax exemptions and deductions can be claimed under sections like 80C (for investments),80D (for insurance premiums), 10(13A) (for HRA), etc. These sections are available in both the old and new tax regimes, though some deductions are only available under the old regime.
What if my income is below the taxable limit, do I still need to file ITR?
If your income is below the taxable limit (currently ₹2.5 lakh for individuals below 60), you are not legally required to file ITR. However, filing a return can help you claim a refund if TDS has been deducted from your income, and it can also serve as proof of income for loans or other financial purposes.
How can I check if my ITR is successfully filed?
After submission, you will receive an ITR-V (Income Tax Return Verification) acknowledgment, which can be downloaded from the e-filing portal. This indicates that your return has been filed successfully.
How do I get a refund if I overpaid tax?
If you have overpaid tax, you can claim a refund by filing your ITR. The income tax department will process your return, and the refund will be credited to your bank account if applicable. Make sure to provide accurate bank details for the refund.
What happens if I make a mistake while filing my ITR?
If you make a mistake, you can file a revised return within the same assessment year. It’s important to correct any errors quickly to avoid penalties or delays.
Can I amend my ITR after filing?
Yes, you can file a revised return if you realize there are mistakes or missing information after submitting your ITR. This can be done within the same assessment year, typically by 31st December 2025.
How do I link my Aadhaar with PAN for filing ITR?
To link your Aadhaar with your PAN, visit the official income tax e-filing portal. Under the Profile Settings, you’ll find an option to link Aadhaar. Simply enter your Aadhaar number and PAN, and your details will be verified. This is necessary for e-verification and smooth processing of your return.
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