4 ways to reset your income tax e-filing password

Before the taxpayer uses this option to generate Aadhaar OTP, they must ensure that their PAN and Aadhaar are linked.

As most taxpayers access their e-tax filing account only once in a year they may forget their income tax e-filing account's password. Without this password accessing one's income tax e-filing account and consequently filing one's income tax return will not be possible.

However, the income tax department has given taxpayers four options to recover this password. The password can be recovered by either answering the secret questions put in at the time of creating it, using Aadhaar (One Time Password) OTP, by uploading the digital signature certificate or using Mobile OTP PIN.

Following are the steps to reset your password using these four options.

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Now you'll be able to verify your ITR without login to your e-filing account

As per the most recent update on the taxation department's e-filing web site, currently you'll be able to e-verify your income tax return (ITR) without logging-in to your account.

This is one of the various measures taken by the tax department to create the ITR filing method easier for taxpayers. Among these measures is that the lighter version of the e-filing web site, 'e-filing Lite', launched by the tax department last week.

Now, coming to the most recent update on e-verification, here could be a look into however this will be done.

How to e-verify ITR while not work in to your account

Verification of return is that the last step within the ITR filing method. Once the return is filed, it's necessary for the payer to verify it among 120 days.

If the ITR is not verified, it will not be considered valid ITR to be taken up for processing. Out of the six ways available to the taxpayer to verify ITR, five are electronic and one is physical method of verification.

Follow the steps below to e-verify  your ITR:

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ITR filing: How to view download Form 26AS

Form 26AS is an annual consolidated tax credit statement that taxpayers can access, view or download from the income tax department's e-filing website. It is one of the most important documents taxpayers should verify before filing their ITR.

There are other two ways to download this tax credit statement:

1.       The TRACES website

2.       The taxpayer's Internet banking

In the above two cases, you have to separately create your login ID for viewing/downloading Form 26AS. Not all banks provide you the facility to view/download Form 26AS.

Most taxpayers prefer to download Form 26AS from the income tax department's e-filing website since they are already registered to file their returns. So, it becomes easy for them to download Form 26AS through the e-filing website using the same login credentials.

You can use Form 26AS to check TDS deducted and deposited by your employer, in case you have not received Form 16. However, when you receive Form 16, you can crosscheck tax credit figures in both documents to ensure that they match. This is to avoid getting a notice u/s 143(1) in case you forget to disclose any income in your ITR for which taxes are deducted as per Form 26AS.

Thus, it becomes important to download and carefully check the necessary details. Follow these seven simple steps to download your Form 26AS via the income tax department's e-filing website.

Step 1: Go to incometaxindiaefiling.gov.in website, under 'Registered user' option, click on 'Login here' tab...

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TDS on salary: how it is calculated and deducted

Under Section 192 of the taxation Act, each leader who is paying a remuneration financial gain to his worker is needed to deduct TDS from the earnings financial gain if it exceeds the fundamental exemption limit.

Due to this mandate, each leader is tasked with deducting tax at supply (TDS) from {the worker |the worker}'s earnings before crediting constant to the employee. Since TDS deduction is mandatory, it's necessary to grasp the speed of such deduction and the way such deduction happens.

Here's everything you would like to grasp concerning however TDS on salaries work.

Rate of TDS on earnings financial gain

As per current revenue enhancement laws, there's no fixed rate of TDS deduction from earnings financial gain. the speed depends on the revenue enhancement slabs applicable on the rateable financial gain of the worker. The leader calculates the liabilities on the 'Average rate of financial gain Tax'.

In common person terms, average rate will be outlined because the total liabilities divided by total financial gain of associate worker. To make total liabilities for deducting tax on earnings, leader can take under consideration the tax-saving investments created by him. Here's however this average rate of revenue enhancement is calculated:

Calculation of TDS from earnings

Particulars	Income Tax Payable (FY 2018-19) (In Rs)
Salary income	10,00,000
Less: Deductions (as per the declaration submitted by the employee)	1,50,000
Net taxable income	8,50,000
Tax payable*	82,500
Add: Health and Education Cess @4%**	3,300
Total Tax Liability (plus cess)	85,800
Average rate of income tax***	8.58%

* (5% of 2.5 lakhs) + (20% of 3.5 lakhs)

** 82,500*4%

***(Tax liability / total income) * 100 i.e. (85,800/10,00,000)* 100

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