Tax Season Is Here! What Is Discard Return? How To Avail It? Check Here | Personal Finance News

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New Delhi: In a move aimed at providing taxpayers with greater flexibility and ease, the Income Tax Department has introduced a new feature called the “Discard” option for Income Tax Returns (ITRs) filed under sections 139(1), 139(4), and 139(5). This option is applicable for unverified returns from the assessment year 2023-2024 onwards.

The “Discard” option comes as a solution for individuals who may have inadvertently submitted incorrect information while filing their ITRs. Rather than going through the cumbersome process of verification and subsequent revision, taxpayers now have the option to discard the originally filed return and submit a corrected one. (Also Read: What Is UPI Tap And Pay? Check Benefits And How It Works?)

The process involves several stages, including uploading the ITR, verification checks, processing, and final assessment. The Central Board of Direct Taxation (CBDT) has provided taxpayers with the ability to dispose of their ITRs before the verification stage, allowing them to file a revised ITR if needed. (Also Read: Ratan Tata Turns 86 On Dec 28: Check His Net Worth, Car Collections, And More)

For example, if a taxpayer identifies errors in their initially submitted returns, they can choose the “Discard” option to avoid unnecessary verification of inaccurate information. This new feature simplifies the process, enabling individuals to rectify errors without the need for filing a revised return after verification.

Taxpayers can utilize the “Discard” option for original, revised, or late returns that have been filed but not yet verified. After discarding the unverified return, they can proceed to file a new ITR with the corrected information.

The option to discard ITRs is applicable for returns filed for the financial year 2022-2023 onwards. However, taxpayers should note that this option is only available within nine months from the beginning of the relevant fiscal year, with a deadline of December 31.

To access the “Discard” option, users can follow a simple pathway on the income tax website:

– First Visit www.incometax.gov.in

– Log into your account

– Go to e-File and select Income Tax Return

– Click on e-Verify ITR

– Select “Discard”

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