Section 194N of the Income Tax Act, 1961

As you all aware from 1st September 2019  every i)Banking Company ii) Co-operative society  iii) Post office who is responsible for paying any sum, or, as the case may be, aggregate of sums, in cash, in excess of one crore rupees during the previous year, to any person (herein referred to as the recipient) from one or more accounts maintained by the recipient with it shall, at the time of payment of such sum, deducts an amount equal to Two per cent of sum exceeding one crore rupees, as income-tax

Persons Covered

  1. Banking Company: 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)
  2. Co-operative Society: a co-operative society engaged in carrying on the business of banking.
  • Post Office

 

Exemption:

Payment made to,—

  1. The Government
  2. Any Banking Company co-operative society engaged in carrying on the business of banking or a post office
  • any business correspondent of a banking company or co-operative society engaged in carrying on the business of banking, in accordance with the guidelines issued in this regard by the Reserve Bank of India under the Reserve Bank of India Act, 1934 (2 of 1934);

any white label automated teller machine operator of a banking company or co-operative society engaged in carrying on the business of banking, in accordance with the authorization issued by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007 (51 of 2007);

Forgot your Income Tax Password???

No Worries, you can reset your password using below options

Option 1: By using e-filing OTP (PINs)
Step 1: Step 1: Visit incometaxindiaefiling.gov.in website, under ‘Forget password’ option, click on ‘Reset’ tab.
Step 2: The taxpayer has to enter his/her User ID (It is your PAN number), Captcha and click on ‘Continue’ button.

If the taxpayer wants to reset the password using Registered Email and mobile number:
Step 1: Select the ‘Using e-filing OTP (PINs)’ from the drop-down options available. Click on ‘Continue’ tab.
Step 2: The taxpayer has to select ‘Registered email ID’ and ‘Mobile number’ to get OTP (PINs).
Step 3: Enter the OTP (PINs) received on the registered email ID and mobile. After that, click on ‘Validate’ tab.

Step 4: Once the process is successfully completed, the taxpayer needs to enter the ‘new password’, re-enter to confirm, and click on the ‘submit’ tab.

If the taxpayer wants to reset the password using New Email and mobile number:

Step 1: Select the ‘Using e-filing OTP (PINs)’ from the drop-down options available. Click on ‘Continue’ tab.
Step 2: The taxpayer has to select ‘New email ID’ and ‘Mobile number’

Step 3: The taxpayer has to enter new email Id and Mobile number

Step 4: The taxpayer has to select one of the following alternatives available

 Alternative 1: By giving TDS Details:

Step 1: Assessee has to enter the TAN of the Deductor from whom TDS has been deducted

Step 2: Assessee has to choose Assessment Year from the drop down

Step 3: Enter the Total tax Deducted by the Deductor and Validate

Alternative 2: By giving Bank Account Number:

Step 1: Assessee has to mention the Bank Account Number which had been mentioned in e-return

Step 2: Assessee has to validate after mentioning the Bank Account Number

Once the process is successfully completed, the taxpayer needs to enter the ‘new password’, re-enter to confirm, and click on the ‘submit’ tab.
Once the process of password change is done, ‘successfully password change’ message gets displayed on the screen. Hence, you can log in with the new password.

Option 2: Using Aadhaar OTP
Pre-requirement: Before the taxpayer uses this option to generate Aadhaar OTP, they must ensure that their PAN and Aadhaar are linked.

Step 1: Visit incometaxindiaefiling.gov.in website, under ‘Forget password’ option, click on ‘Reset’ tab.
Step 2: The taxpayer has to enter his/her User ID (It is your PAN number), Captcha and click on ‘Continue’ button.
Step 3: Select the ‘Using Aadhaar OTP’ from the drop-down options available. Click on ‘Continue’ tab.
Step 4: Taxpayer will be redirected to a page where he/she is required to confirm his/her Aadhaar Number. After that, click on ‘Generate Aadhaar OTP’.
Step 5: The Aadhaar OTP will be sent to the phone which is registered with the Aadhaar number.
Step 6: Now the taxpayer has to enter the Aadhaar OTP received via his/her mobile on the forget password page and then, he/she has to click on the ‘Validate’ tab. After that the the Aadhaar OTP should get validated.

Step 7: Once the process is successfully completed, the taxpayer needs to enter the ‘new password’, re-enter to confirm, and click on the submit tab.
Once the process of password change is done, a ‘successfully password change’ message gets displayed on the screen. Now you can log in with the new password.

Option 3: By uploading a Digital Signature Certificate (DSC)
Step 1: Visit incometaxindiaefiling.gov.in website, under ‘Forget password’ option, click on ‘Reset’ tab.
Step 2: The taxpayer has to enter his/her User ID (PAN), Captcha and click on ‘Continue’ tab.

Step 3: Select the ‘Upload Digital Signature Certificate’ from the drop-down options available. Click on ‘Continue’ tab.
Step 4: Taxpayer needs to select the ‘Registered DSC’ options available.
Step 5: Taxpayer has to upload his/her signature file generated using DSC management utility and then has to click on the ‘Validate’ tab.

Step 6: Once the process is successfully completed, the taxpayer will see an option to enter the ‘new password’. The taxpayer should enter the new password, re-enter to confirm, and click on the submit tab.
Once the process of password change is done, a ‘successfully password change’ message gets displayed. Hence, you can log in with the new password.

Option 4: Using the ‘Answer Secret Question’
Step 1: Visit incometaxindiaefiling.gov.in website, under ‘Forget password’ option, click on ‘Reset’ tab.
Step 2: The taxpayer has to enter his/her User ID (your PAN number), Captcha and then, click on ‘Continue’ tab.
Step 3: Select the ‘Answer Secret Question’ from the drop-down options available. Click on ‘Continue’ tab.
Step 4: Enter your date of birth which is mandatory. Make sure you select the dates from the calendar provided.
Step 5: Now select the mandatory ‘Secret question’ from the drop-down options available.
Step 6: Enter the ‘Secret answer’ and then, click on ‘Submit’ tab.
Step 7: On successfully submitting the answer, the taxpayer needs to enter the ‘new password’, re-enter to confirm, and click on the ‘submit’ tab again.
Once the process of password change is done, a ‘successfully password change’ message gets displayed on the screen. Hence, you can now log in with the new password.

 

This option is simple only if you remember secret questions & answers you had given at the time of registration.

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R S Shashi & Co is a premier Chartered Accountants firm operating from Silicon Valley Of India – Bengaluru. We provide a wide gamut of services in the financial space which range from Entry Level Strategy, Business Formation, Accounts Outsourcing, Secretarial Compliances, Taxation consultancy services, GST, Audit and Assurance, and Risk Advisory.