How to reset Income Tax e Filing password without efiling/Aadhar OTP? - A Thread
Taxpayer who file ITR on last days, mostly forget their password and in many cases the email id and mobile number are not updated, Nor Aadhaar OTP is linked.
To reset password without e-filing OTP (if registered mobile has changed)/Aadhaar OTP (if Mobile is not linked to Aadhaar or if Aadhaar is not linked to PAN), user can reset password using a valid DSC or can login in directly through Internet Banking into E-filing account
In case all these above options do not work or are not available, taxpayer can send request to efilingwebmanager@incometax.gov.in by attaching and sharing following details with the request email:
1) Scanned copy of PAN 2) Scanned PDF copy of the identity proof (such as passport /Voter Identity card/Driving License /Aadhaar card / Bank passbook with Photo); 3) Scanned PDF copy of Address proof 4) Letter in writing, requesting to reset password by giving valid reasons
Note Imp
1)Kindly attach the documents in ZIP (.zip) format only
2)All the documents self-attested
3) Request must originate from email id of PAN holder as registered in the efiling Profile or from existing mail of Taxpayer
4) 1 working day may be required for processing
Once the documents are validated, the reset password link will be shared through Email id from which request has been received
Happy Filing !
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How to file ITR-1 in 10 steps online from @IncomeTaxIndia portal by salaried guys
A Thread
1) Check if you are Registered user on the e-Filing portal with valid user ID and password and Status of PAN is active. Login to E filing Portal of Income Tax Dep at incometax.gov.in/iec/foportal
2) ITR-1 has five sections that you need to fill before submitting it and one summary section to review your tax computation.
Personal Information
Gross Total Income
Total Deductions
Tax Paid
Total Tax Liability
Is Tax Audit required in case of Salary or other income and having loss in Futures and Options, Intra-day Trading from stocks?
A Thread
Salaried usually filed ITR-1 or ITR-2, however the income arising from trading in Futures and options is considered as normal business income/loss. Hence ITR-4 needs to be to report this income
As F&O & Intra-day trading is business taxpayers can claim expenses like brokerage, broker’s commission, subscriptions to journals related to trading, telephone bills, internet costs, consultant charges if taken stock tips or advice
Old income tax regime vs New: Which one taxpayer should opt for at the time of filing income tax returns?
A thread 🧵
Under the old structure of taxation, taxpayer claim the deduction, exemptions, and allowances with which they can have proper tax planning and save taxes.
The new tax regime, has six tax slabs, each having a lower rate on income up to Rs. 15 lakhs.
If you wish to opt for the new tax regime you have to forgo various tax deductions and exemptions otherwise available under old regime, few of them are listed below
One biggest mistake Salaried Tax Payers do is filing wrong ITR
Salaried payers - Know which Income Tax Return Form to use for filing his income tax return
ITR-1 or ITR-2 based on following
You can file ITR-1 in only following 3 cases
1) Resident India Income from Salary / Pension < 50 Lakhs
2) Income or loss from only one house property - (excluding brought forward losses & losses to be carried forward)
3) Income from Other Sources like interest, pension, etc
You need to Compulsory file ITR-2 in following 16 cases 1) Not ordinarily resident and Non-resident receiving Salary 2) Salary or Total Income > 50 Lakhs 3) Individual who is a Director in any company 4) ESOPs allotted by eligible start-up
Taxpayer before filing your Tax Returns, you should know what is AIS, TIS and 26AS, along with difference between them and what to do in case of discrepancies - Thread
The AIS is a detailed statement that lists all of your financial transactions for a given financial year like interest, dividends, stock trades, mutual fund activities, international remittance details, etc. Taxpayer can download data in formats of PDF, JSON, and CSV
The objectives of AIS are:
• Display complete information to the taxpayer with a facility to capture online feedback
• Promote voluntary compliance and enable seamless prefilling of return
• Deter non-compliance