Knowledge to Cater for e-filing Income Taxes in India

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Income Taxes in India
Knowledge to Cater for e-filing Income Tax in India

Only around 1% of India’s population pay Income Taxes in India each year, as per the latest government figures. A large portion of the citizens’ earnings is limited to the tax-free income range. The Government issues tax slabs every financial year that individuals need to consider while estimating their payable taxes for the particular year.

Moreover, to streamline the process of paying tax and filing returns, the IT Department launched an e-portal. However, to access this website, individuals first need an income tax login. Only then they can avail e-services from the said website.

How to pay Income Taxes in India online?

Following are the steps to complete income tax login India.

  1. Visit the official website of the IT Department and click on the ‘Login’ option.
  2. Enter the income tax login ID and password and finally enter the captcha code to log in successfully.
  3. Alternatively, visually impaired individuals can also generate OTP to login to this portal.

Remember that the User ID varies with different user types. For instance, the user id for individuals, HUF, and others is PAN.

After logging into this portal, individuals can file their ITR. One can also get tax exemptions under several IT Sections and save substantially each year.

Several other factors come under tax exemptions, and servicing a home loan is one of the popular ones. Under section 24b, 80C, 80EE, individuals can enjoy tax benefits on principal and interest payments.

Besides tax exemptions, home loan borrowers can also take advantage of pre-approved offers that ensure a hassle-free credit-availing process. Such offers are available on various financial products such as loans against property, home loans, etc. You can check your pre-approved offer online in a few steps by entering your name and mobile number Income Taxes in India.

Besides availing of a home loan, several other provisions qualify individuals to tax deduction claims. However, first, they must choose the correct ITR form to raise a claim.

Income tax returns forms

ITR certificate plays a crucial role as it constitutes one of the documents required for your home loan approval. However, to acquire that, taxpayers must enter income tax login credentials to file and submit the appropriate ITR form Income Taxes in India.

Here is a list of ITR forms –

  • ITR 1- It is for those who get a salary and earn interest income from residential property.
  • ITR 2- For HUFs and individuals who do not own a business.
  • ITR 3- For HUFs and individuals who earn through business.
  • ITR 4- For business owners.
  • ITR 5- For co-operative societies, firms, Limited Liability Partnerships (LLPs), Body of Individuals (Bois).
  • ITR 6- For companies who do not claim tax benefits under Section 11.
  • ITR 7- This form is for trusts, political parties, and educational institutions.

After filling up the form, individuals must submit some vital documents to complete the process seamlessly.

Document checklist for ITR online

Following is the checklist for documents that taxpayers have to submit to get their ITR –

  • PAN Card
  • Form 16
  • TDS certificates
  • Home loan and Insurance documents Income Taxes in India

Thus, individuals should know about the income tax login process to stay updated about the latest notification and ITR e-filing process. Along with that, they need to know about the home loan tax benefits that every new and existing borrower can claim. Doing so will lower the risk of missing the date of e-filing taxes and will help to save more of one’s income.

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