Income Tax is a direct tax paid by an individual on his or her earnings in a particular financial year. Such earning or income may be generated from salary or pension, profession or business, house property, capital gain, etc. It may include income from other sources as well, such as interest from fixed deposits, savings accounts, etc.
For the Financial Year 2019-20, the last date for Income Tax Return filing has been extended till November 30, 2020. Any assessee should be familiar with the process of Income Tax login. Filing of the Income Tax by submitting the correct ITR Form on designated portal is mandatory for earning entities or individuals.
How to complete Income Tax login?
Every taxpayer must complete the registration process in the Income Tax portal before ITR login. The main steps for login are mentioned below –
Step 1: Visit the Income Tax Department’s official website.
Step 2: On the first page, a box can be seen on the right side, which would show three options – ‘Register yourself’, ‘Login Here’, and ‘Help’. The first option is for new users, and only existing users can access the ‘Login’ option.
Step 3: For registration, click the first option. The next steps include –
- Select the category of taxpayer or the type of user from the drop-down menu. These would include Individual, Hindu Undivided Family, External agencies, Chartered accountants etc.
- On selection of the category, a form will be shown. Enter necessary details such as name, date of birth, current address, email address, Permanent Account Number (PAN) etc. After entering all such information, click on the ‘Continue’ option.
- Subsequently, all the relevant details have to be filled in the Registration Form and then one can proceed for verification.
- For verification, a one-time password (OTP) consisting of 6-digits will be sent to the registered email address and mobile number. However, the OTP will only be sent to the email address for persons who are of Indian origin but live overseas. The OTP remains valid only for 24 hours.
- On successful verification, ‘Registration Successful’ message will be displayed, and you will be ready for Income Tax login.
Step 4: After registration (or if you were already registered), click on ‘Login’ option. The option can be seen on the upper right side of the Income Tax Department’s official webpage.
Step 5: Next, the verification page will be accessible where the User ID, password, captcha code has to be entered. Please note that there are no unique User IDs in this case. The PAN acts as the User ID.
Step 6: After logging in, one can check all the information related to filing IT Return, past tax records, determination of input tax credits etc.
Access to ITRs becomes easier, and it would endow a lot of benefit to taxpayers. For instance, ITRs, along with bank account statements and salary slips, are important documents that you need for a home loan.
Who has to pay Income Tax in India?
Some of the entities who have to pay the tax have been mentioned below, and as such, should be aware of the process of how to complete Income Tax login in India.
- Salaried Individual – The initial slab is from Rs.2.5 Lakh per annum to Rs.5 Lakh per annum. The payable tax rate is at 5% of the total taxable income. Incidentally, as a home loan tax benefit, one can claim up to Rs.1.5 Lakh on principal repayment under Section 80C of the Income Tax Act, 1961.
Notably, there are different types of loans which offer tax benefits under Income Tax Act, 1961. So, while filing the Returns, it is important to submit the correct form. Many financial institutions facilitate the application process through pre-approved offers. You can check your pre-approved offer by submitting a few details such as name and contact number.
- Co-operative Societies – The tax rate starts at 10% for income less than Rs.10,000.
Other entities who also have to pay Income Tax in India include –
- Corporate firms
- Association of Persons
- Body of Individuals
- Artificial Juridical Person
- Hindu Undivided Family (HUF)
IT Return will have to be filed within the due date only when an entity meets the relevant earning threshold.
Apart from being an important document to easily get a home loan in India as IT Returns indicate eligibility of an applicant, filing it is necessary to abide by the regulations of the Indian Taxation laws. Hence, it becomes all the more important to know about Income Tax login.