The Government of India levies an income tax, a form of direct duty, on every residential and non-residential personal of Indian origin. It is filed within 31st August of every assessment year, on the official website of the Income Tax Department of India.
Every Indian taxpayer is required to be a registered user of the official portal of the IT department. One can access their previous year’s returns, refund status, as well as various other important information by completing income tax login.
A taxpayer has to register him or herself in the income tax portal before proceeding with Indian income tax login. There are certain prerequisites one have to follow, including submitting some essential details to validate one’s account number with the IT department.
These include –
Next, one can proceed with the income tax department login process by completing the registration process. Here’s a step-by-step procedure –
The OTP will expire after 24 hours. If an individual fails to complete income tax portal login within that time frame, he or she will have to initiate the process from the beginning.
After completing the registration process, a taxpayer can proceed with income tax online login.
The steps are here as follows –
Taxpayers will have access to all their relevant information as well as provision to file IT returns, determine input tax credits, and past taxation records after income tax portal login.
The Income Tax Department levies taxes depending on an individual’s annual income. The tax liability varies depending on one’s profession, as well as the type of user mentioned in the income tax portal login page.
For example, a salaried individual will have to pay taxes once his or her income crosses a threshold of Rs. 2.5 Lakh/annum.
|Income range||Tax rate||Payable tax|
|Rs. 2.5 Lakh/annum to Rs. 5 Lakh/annum||5%||5% of one’s total taxable income|
|Rs. 5 Lakh/annum to Rs. 10 Lakh/annum||20%||Rs. 12,500 with 20% of the total earning above Rs. 5 Lakh.|
|More than Rs. 10 Lakh/annum||30%||Rs. 1,12,500, with 30% of the total earning above Rs. 10 Lakh.|
Similarly, the taxation rate of co-operative societies is the following –
|Income range||Tax rate||Payable tax|
|Less than Rs. 10,000||10%||10% of the total taxable income|
|Rs. 10,001 to Rs. 20,000||20%||20% of the taxable income|
|Greater than Rs. 20,000||30%||30% of the amount exceeding Rs. 20,000|
Partnership firms and local authorities also have to file IT returns after income tax online login. For domestic companies, it is limited to 30% of their annual revenue, provided its gross receipt is within Rs. 250 Crore in the last assessment year. If the income is lower than the above-mentioned threshold, the tax liability at 25% of the annual revenue.
All the taxes levied on an individual’s income are calculated on a progressive basis.
Income Tax Department of India also segregates taxpayers according to their profession, categorising five different types, or heads, for efficient tax filing. These are the following.
|Salaried||Individuals with a regular income originating from salary or pension.|
|Income from residential property||Income earned from the rent of a residential property.|
|Other sources||Income commencing of interest earned from savings accounts, fixed deposits, and similar savings instruments.|
|Capital gain||Profit earned after selling capital assets such as property, Mutual Funds, shares, etc.|
|Business or self-employed||Individuals earning from contractual works, freelancing, chartered accountants doctors, lawyers, etc.|
Successful income tax online login is also necessary to check various other aspects, like TDS credit. Taxpayers have to log in to the official website to check whether tax deducted at source has been calculated and whether it is reflecting against his or her name. These details will be available under the ‘My Account’ tab on ‘Form 26AS (Tax Credit)’.
For income earned on transfer of certain assets, like Mutual Funds, a taxpayer has the option to lower their taxable income to gain benefits on income tax. Under Section 80C of the Income Tax Act 1961, funds like Equity-Linked Savings Scheme allow an investor to qualify for tax deductions of up to Rs. 1.5 Lakh every year.
Thanks to the simple application and registration process of income tax department login, a taxpayer can easily monitor their tax liability and access the records of the duties paid. Such a convenient system also helps the Income Tax Department follow-up with their tax collection and credit system.