How to reset Income Tax E-filing Password Quickly By CA Vaibhav Joshi

Since we are not required to access E-Filing website as human we tend to forget its Login Information & Password. So let see how you can retrieve login details step by step.

First you need to know that there is no option to recover forgot password, only option is to recover the same by providing certain information of taxpayer.

First to reset password click on following link:

https://incometaxindiaefiling.gov.in/e-Filing/Services/ForgotPassword.html

Also there is direct link below login button on main login page. By clicking on the same you will be directed to, see below screen shot:

After you click there new window will get open as shown in below screen.

Ø     1^st in User ID mention your PAN

Ø  2^nd type number as mentioned in Capatcha

Ø  3^rd click on continue.

If your PAN is valid you will be taken to new window as shown in below screen. Mention again your PAN no. in User ID.

Now let’s move forward for resting password.

If you have never filed your E-Return before then you can reset password by selecting 1^st option Answer Secret Question.

1. Select Answer Secret Question option
2. Mention date of birth
3. Select Your Secret Question
4. Mention Your Answer to secret Question
5. Click on validate button.

If you have forgot details of acknowledgement of last return file then you can reset password supplying relevant details as per screen shown below. You are required to provide following=g details:

1.   Select Enter E-Filed acknowledgement number

2.   Select Assessment year

3.   Acknowledgement number

4.   Bank A/c number mentioned in return filed

5.   Click on validate button.

If you don’t remember secret Question & don’t have acces to registered email ID then last option is to uplaod Digital Signature as shown below:

You have to select existing DSC or New DSC for registering new Digital Signature Certificate.

If you're not able to reset the password with any of the three options above,

Please send an email to - validate@incometaxindia.gov.in with the following details

ü  PAN

ü  PAN holder's Name

ü  Date of Birth / Date of Incorporation

ü  Father's Name

ü  Registered PAN address

Or you can call on call center:

   Ø  For Income tax related queries

ASK : 1800 180 1961

Ø  For Rectification and Refund

CPC : 1800 425 2229

Ø  For e-Filing of Returns

e-Filing : 1800 4250 0025

This Article has been shared by CA Vaibhav Joshi.

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FAQ– Deduction for Interest on education Loan CA Vaibhav Joshi

FAQ– Deduction for Interest on education Loan:

Q. Who is eligible for deduction us/ 80E?
A. Education loan should be taken by Individual (not to HUF or other type of Assessee )

Q. Is loan taken in name of any family member is eligible for deduction.
A. NO, Loan should be taken by Assessee HIMSELF. If loan is taken in name of any relative then he/she is not eligible for deduction.

Q. What is eligible amount?
A. The amount eligible for deduction is repayment of education loan interest.

Q. Which expenses are covered?
A. The loan includes not only tuition or college fees but also other incidental expenses for pursuing such studies like hostel charges, transport charges etc.

Q. How much amount is deductible?
A. There is no limit for amount of repayment of interest. Unlimited amount of interest can be deducted under this section. However there is no benefit available on the repayment of principal amount of the loan.

Q. If loan is taken / money is borrowed from friend or relatives to repay the loan then same is deductible?
A. You can deduct the entire interest amount from your Taxable Income only.

Q. Can loan be taken for any education?
A. The loan should be taken for the purpose of higher education and

Q. Can higher studies be pursued outside India?
A. There is no condition that the course should be in India.

Q. For what tenure / how long deduction can be claimed?
A. This deduction is available in respect of the initial assessment year and seven assessment years immediately succeeding the initial assessment year or until the interest is paid by the assessee in full, whichever is earlier.
Initial Assessment year means previous year in which assessee starts paying the interest amount.

Q. What is meaning of higher education?
A. Higher education means " any course of study pursued after passing the Senior Secondary Examination or its equivalent from any school, board or university recognised by the Central Government or State Government or local authority or by any other authority authorised by the Central Government or State Government or local authority to do so;
Income tax department has added (W.e.f. A.Y. 2010-11) additional fields of studies (including vocational studies) pursued after passing the Senior Secondary Examination or its equivalent from any school, Board or University recognised by the Central or State Government will also be covered under deduction in respect of interest paid on loan taken for higher education.

Q. Can loan be taken from relatives?
A. The loan should be taken from any financial institution or any approved charitable institution. (in simple main Banks are covered). Interest on Loan taken from relatives or friends will not be eligible for deduction under section 80E.

Q. What is meaning of charitable / financial institution?
A. Approved charitable institution means an institution specified in, or, as the case may be, an institution established for charitable purposes and [approved by the prescribed authority] under clause (23C) of section 10 or an institution referred to in clause (a) of sub-section (2) of section 80G;
Financial institution means a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act); or any other
financial institution which the Central Government may, by notification in the Official Gazette, specify in this behalf;

Q. Can loan be taken for relatives?
A. The loan should be taken for higher study of himself or studies of relative. Earlier to previous year 2006-07 the above deduction was available only for Interest on loan taken and repaid by the assessee for his own studies.

Q. Who is relative?
A. Relative under this section means the in relation to an individual, means the spouse and children of that individual the student for whom the individual is the legal guardian.
Earlier to previous year 2006-07 the above deduction is available for loan taken and repaid by the assessee himself for his studies only but after finance act 2007 ,"the deduction is available for the purpose of higher education of his relative also. relative, in relation to an individual, means the spouse and children of that individual or the student for whom the individual is the legal guardian.

There is no deduction available for repayment of principal ,this deduction is available to only for interest repayment.
This deduction is available for individual only and not for other type of assessee .

The loan should be for pursuing higher studies means loans taken not only for tuition or college fees but also loan taken other incidental expenses for pursuing such studies like hostel charges,transport charges etc etc is also covered under this deduction,

There is no condition that the course should be in India .
80 E (deduction on Interest on study loan) was available to parents and person himself but now after finance act 2009(2) it is available to Legal guardian also.

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