DIY Income Tax Return: How To File Your ITR Under The New Regime?

A quick cheat sheet on everything tax for a first-time taxpayer.

Tax filing can be simple and quick if you follow these steps. 

Courtesy - iStock

Filing taxes is BORING. The documentation is full of jargon, there are numerous laws and ever-changing deadlines. Long story short, it is a tedious job. But one that MUST be done. (ICYMI: File your taxes before 31^st July.) How?

Now, ChatGPT can solve your many woes. Unfortunately, money distribution is still not its strongest suit. And unless, you have a trusted accountant, yourself are one, or your parents are looking after your balance sheet, then you are pretty much on your own. The good news is that you still have about 8 weekends to learn and put in your tax forms.

The better news is that under the new regime, income tax slabs have been revised where it offers a higher tax exemption and raises the threshold for tax rebate. In other words, it is more beneficial for those who wish to have more disposable cash in hand.

Here is everything a first-time-taxpayer must know about filing taxes under the new regime:

What are the general documents you will need to file your Income Tax Return?

• PAN Number

• Aadhaar Number

• Bank account details

• Tax Deducted at Source certificates (Form 16, Form 26AS)

• Tax Payment Challans

• Investment Proofs

Where should I get my TDS forms from?

If you are a salaried employee, then you must ask the HR of your organisation for a copy of Form 16. Ideally, before 15th June. This form includes a comprehensive breakdown of your salary and tax deducted over the period.

In the meantime, you can download a copy of Form 26AS from the Income Tax Department portal. It includes a total of the amount of tax that is deducted from your income and is used to cross-check for any mismatch of taxes.

How much tax will I have to pay under the new regime?

Courtesy - The Quint

What deductions can I avail under the new regime?

• If you are a salaried employee/pensioner then you can claim standard deduction benefit of ₹ 50,000.

• Conveyance allowance/travel expenses.

• Transport allowance for persons with disabilities.

• Education scholarships.

• Investment in the Pension Scheme under section 80CCD – maximum 10% of your basic annual salary.

How to file my Income Tax Return?

• Start your registration process at the ITR website.

• Select "Taxpayer" and enter your PAN information, click "Validate" and "Continue."

• Feed your personal information and continue after completion of the form.

• Your registered email address and phone number will receive an OTP once you have verified the information.

• You will be directed to a new window after the OTP has been validated and then confirm the information shared.

• Create a password and secure login message.

• Then click "Register." An acknowledgment message confirming the completion of the registration procedure will be sent to you.

Et Voila! You are done with your tax filing for FY 2023-24. While the process has become relatively easier and the ITR portal more user-friendly, you can still face some glitches. Consulting a tax professional or an accountant is always a good idea especially if you don't want to break your head over how you can save and grow your money.