First ITR? 10 Mistakes That Cost You ₹5,000
Filing your income tax return for the first time? Know which form to pick, what documents to keep ready, and why missing the July 31 deadline can cost you real money in penalties and lost refunds.
Filing ITR wrong costs more than 500 cups of chai — avoidable with 30 minutes of prep.
You pay this fine if you miss your ITR deadline this July
Key Takeaways
Collect these documents NOW: Form 16 from employer, bank interest certificates, PAN, Aadhaar, and last year's ITR if applicable.
Log into incometax.gov.in and cross-check your AIS and Form 26AS before filling any numbers — discrepancies cause automatic scrutiny.
Choose ITR-1 if you are salaried with income under ₹50 lakh and no F&O or capital gains — use ITR-2 if you sold stocks or mutual funds.
Filing your income tax return for the first time? Know which form to pick, what documents to keep ready, and why missing the July 31 deadline can cost you real money in penalties and lost refunds.
Here's what happened: July 31, 2025 is the ITR filing deadline for salaried individuals — missing it triggers penalties up to ₹5,000.. First-time filers often pick the wrong ITR form — ITR-1 is for salaried income up to ₹50 lakh with no capital gains.. Form 26AS and AIS (Annual Information Statement) now show all income sources — mismatches with your ITR trigger tax notices..
What you should do: Collect these documents NOW: Form 16 from employer, bank interest certificates, PAN, Aadhaar, and last year's ITR if applicable.. Log into incometax.gov.in and cross-check your AIS and Form 26AS before filling any numbers — discrepancies cause automatic scrutiny.. Choose ITR-1 if you are salaried with income under ₹50 lakh and no F&O or capital gains — use ITR-2 if you sold stocks or mutual funds..
Even if your income is below the taxable limit, file a NIL return — it builds your loan and visa application credibility and is completely free.
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- [1]“Income-tax returns: Top 10 things first time taxpayers must keep in mind while filing ITR” mint - money · 17 Jul 2026
This article is reported by GoCredit's Editorial Team based on the source above. GoCredit synthesises, contextualises, and adds India-borrower-relevant analysis. We are not the original publisher.