New to Income Tax? 10 Important Things Every Taxpayer Must Know

by Jobuza Team | Jan 23, 2026 | BLOG, Trending News

Filing your first Income Tax Return (ITR) can seem confusing at first. With multiple forms, deadlines, and tax rules, it’s natural to feel overwhelmed. The good news is that with the right preparation, the process is straightforward and manageable.

This step-by-step guide explains everything a new taxpayer needs to know to file an ITR correctly and on time.

1. Do You Need to File an ITR?

You are required to file an ITR if you meet any of the following conditions:

• Your total income exceeds the basic exemption limit

• You own assets in India or abroad

• You have invested in shares, ESOPs, or other financial markets

• Your total bank deposits exceed ₹50 lakh in a year

• The combined balance in your savings or current accounts exceeds ₹1 crore

• You paid electricity bills of more than ₹1 lakh during the year

• You spent over ₹2 lakh on foreign travel

• Your annual business turnover or sales exceed ₹60 lakh, even if profits are lower

Even if tax is not payable, filing an ITR may still be mandatory in many of these cases.

2. Understand Your Total Taxable Income

Your taxable income is calculated by subtracting eligible deductions from your total earnings.

Total earnings may include:

• Salary income

• Interest from savings accounts or fixed deposits

• Income from investments or other sources

Common deductions include:

• Contributions to PPF or NPS

• Life and health insurance premiums

• Home loan interest

• Rent paid, if eligible for exemption

Understanding this calculation is key to filing an accurate return.

3. Choose Between the Old and New Tax Regime

India currently offers two tax regimes:

• The new tax regime has lower tax rates but allows very few deductions

• The old tax regime has higher rates but offers multiple exemptions and deductions

Before filing, compare both options to see which one results in lower tax liability. Using an online tax calculator or consulting a Chartered Accountant can help you make the right choice.

4. Keep Track of the Filing Deadline

For the financial year 2024–25 (assessment year 2025–26):

• On-time filing: File by 15 September 2025 without penalty

• Late filing: Returns can be filed until 31 December 2025 with a penalty ranging from ₹1,000 to ₹10,000, depending on income and delay

Missing the deadline can also affect refunds and future compliance.

5. Keep These Documents Ready Before Filing

Having all documents in place makes filing quicker and error-free:

• Form 16 issued by your employer

• PAN and Aadhaar card (must be linked)

• Proof of investments such as PPF, insurance receipts, or fixed deposits

• Home loan interest certificate, if applicable

• Receipts for any deductions you plan to claim

6. Understand Your Form 16

Form 16 is issued by your employer and acts as a summary of your salary income. It includes:

• Total salary paid

• Exemptions and deductions claimed

• Tax deducted at source (TDS)

Using Form 16 helps ensure your salary details are reported correctly in your ITR.

7. Review Your Form 26AS Carefully

Form 26AS shows all income on which tax has already been deducted, such as salary, interest, or professional fees.

It is important to cross-check this form to avoid mismatches that could delay processing or refunds.

You can access Form 26AS through:

• The TRACES website

• The Income Tax e-filing portal using your PAN login

8. Check Your Annual Information Statement (AIS)

The Annual Information Statement provides a consolidated view of your financial activity, including:

• Interest income

• Dividend income

• Share and mutual fund transactions

• Foreign remittances

Most ITR fields are pre-filled based on AIS data, so reviewing it ensures accuracy.

You can find AIS by logging into the Income Tax e-filing portal and selecting it under the “Services” section.

9. Complete E-Verification After Filing

Submitting the ITR is not enough. You must e-verify it within 30 days, or the return may be treated as invalid.

You can e-verify using:

• Aadhaar OTP

• Net banking

• Electronic Verification Code (EVC)

E-verification is essential for faster processing and timely refunds.

10. Select the Correct ITR Form

Choosing the right form is crucial:

• ITR-1: Salary income, one house property, and other sources

• ITR-2: Individuals or HUFs without business income

• ITR-3: Individuals or HUFs with business or professional income

• ITR-4: Presumptive income from business or profession

Selecting the wrong form can lead to rejection or notices from the tax department.

Final Word for First-Time Filers

Filing your ITR on time helps you avoid penalties and builds a clean financial record. This can be useful when applying for loans, visas, or making future investments.

If you are filing for the first time and feel unsure, seeking professional assistance can save time and provide peace of mind. Once you’ve done it once, filing your ITR becomes much easier in the years ahead.

Budget 2026: Married Couples Can Save More Tax with Joint Filing Full Details

by Jobuza Team | Jan 23, 2026 | BLOG, Trending News

New Delhi: As the Union Budget 2026 approaches, married taxpayers in India may soon have a reason to feel optimistic. The Finance Ministry is reportedly considering an optional joint income tax filing system for married couples, a move that could significantly reduce the tax burden for many households.

If introduced, this system would allow couples to file their income tax returns together instead of separately. The proposal is aimed particularly at single-income families, where one spouse’s tax exemptions and deductions often go unused under the current system.

The idea has been put forward by the Institute of Chartered Accountants of India (ICAI) and draws inspiration from countries such as the United States and Germany, where joint tax filing for married couples is already a well-established practice.

How Income Tax Works for Married Couples at Present

Under India’s existing income tax framework, marriage has no impact on taxation. Each individual is taxed separately, with their own income slabs, exemptions, and deductions.

In households where only one spouse earns, the non-earning spouse’s tax benefits—such as basic exemption limits and deductions—remain unused. This often results in a higher overall tax liability for the family, even when household income is modest.

What Joint Taxation Could Mean Under Budget 2026

To address these concerns, the Union Budget 2026 may introduce an optional joint taxation regime for married couples. Under this proposed system, both spouses could combine their incomes and file a single joint income tax return.

The key feature of the proposal is flexibility. Taxpayers would be free to choose between the existing individual taxation system and the new joint filing option, depending on which is more beneficial.

To ensure transparency and compliance, the joint filing option would be available only if both spouses have valid Permanent Account Numbers (PANs). This safeguard would also ensure that dual-income households are not forced into a less favourable tax structure.

Who Stands to Benefit—and Who May Not

Joint taxation is expected to be especially beneficial for single-income families, as it could allow better use of tax slabs and deductions. Couples may also find it easier to optimise exemptions related to home loan interest, health insurance premiums, and other family-linked expenses.

However, joint filing may not work in favour of everyone. In households where both spouses earn high incomes, combining earnings could push the total income into a higher tax slab or surcharge bracket. In such cases, filing separately may remain the more tax-efficient option.

When Will Union Budget 2026 Be Presented?

Union Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget 2026–27 on Sunday, February 1. The budget is being closely watched by businesses, taxpayers, and industry leaders, especially amid concerns over global economic uncertainty and potential US tariff impacts.

If the joint taxation proposal is announced, it could mark a significant shift in India’s personal tax system and bring long-awaited relief to many married households.