Money Basics · Taxes & 80C

Filing your first ITR

Filing an Income Tax Return (ITR) is not optional for most salaried Indians once income crosses the basic exemption limit. It's also the document required for loans, visa applications, and proof of income. Here's how to do it.

Which ITR form?

• ITR-1 (Sahaj): salaried income + one house property + other sources (FD interest), and now long-term equity gains up to ₹1.25L provided you have no capital losses to carry forward. The most common form for fresh graduates.
• ITR-2: capital gains from stocks/MF, or foreign income
• ITR-3: F&O trading or business income
• ITR-4: presumptive business income

Before you file

Collect:

1. Form 16 from your employer (shows salary + TDS deducted)

2. Form 26AS / AIS from income tax portal (all TDS credits against your PAN)

3. Bank statements (for FD interest. It must be declared even if TDS was deducted)

4. Capital gains statement from your broker (downloadable from the app)

5. 80C/80D investment proofs

The actual filing process

1. Go to incometax.gov.in → Login → File Returns

2. Most data pre-fills from Form 26AS and employer

3. Verify pre-filled data, add any missing income

4. Choose old or new regime

5. Enter deductions

6. Pay any balance tax due

7. Submit and e-verify via Aadhaar OTP or net banking

> E-verify within 30 days of filing. An unverified ITR is not valid.

Deadline

July 31 for most individuals (without audit). Late filing (August 1–December 31) attracts a fee of up to ₹5,000, capped lower for small total incomes, and no ability to carry forward losses.

July 31ITR filing deadline for most salaried individuals

Up to ₹5,000Late filing fee after July 31

Takeaway. File ITR-1 if you're a salaried employee with no capital gains. Use Form 16 + Form 26AS as your base. E-verify within 30 days and always file before July 31.