What Is Discard Return: If you also pay income tax every year, then new facilities are being introduced by the Income Tax Department for the convenience of tax payers. Recently, the Income Tax Department has started the ‘Discard Return’ facility. Under this new facility, you (taxpayer) can withdraw ITR after filing it. After this you can file a new ITR. Let us know what is Discard Return and how can you use it?
What is discard return?
When you file your Income Tax Return (ITR), there are several steps. Under the discard return facility provided by the Income Tax Department, you can discard the income tax return already filed by you. In simple language, this means that that return will be completely removed from the records of the Income Tax Department. To use discard return, the taxpayer will have to go to the website of the Income Tax Department. That means you can remove it before filing ITR.
Read More: New Rapid Rail: Rapid rail will run on these 2 routes from Delhi, Know the stoppage |
When will discard returns be used?
Any taxpayer can use the discard return option only if that taxpayer has not verified his ITR. This simply means that before verifying the ITR, you can remove it from the records of the Income Tax Department. The date of discarding the return should be within one year from the end of the financial year. Also, the return can be discarded only by the person who has filed it first. Let us tell you that after discarding the return, no changes can be made, you will have to file it afresh.
Benefits of discard returns
You can correct any mistakes before verifying the return. If you have made any mistake in your income tax return, you can correct it without paying any penalty through ‘Discard Return’. This facility is helpful to taxpayers in correcting or withdrawing income tax returns. Earlier, there was no system for withdrawing the ITR filed with the taxpayers. If there was a mistake in the ITR, a revised return had to be filed.
Discard return process
To make a discard return, users will have to file the following process.
> First of all go to the Income Tax Department website www.incometax.gov.in.
> Now login using your user ID and password.
> After this go to e-File option and select Income Tax Return.
> Now click on e-Verify ITR and select ‘Discard’ option.
Till now this was the process
Before ‘Discard Return’, you were required to file the old return in case of any mistake or change. In this, if you came to know about any discrepancy after filing the return, then you had to file a revised return. But now you can make changes in it without revising.
