Discard ITR Option: Eight things to know about the new feature on income tax portal
all you need to know about the new functionality on the income tax website that allows taxpayers to discard their unverified Income Tax Returns (ITR). 1)Taxpayers can avail of the option of “Discard" for the ITRs being filed u/s 139(1) /139(4) / 139(5) if they do not want to verify it. 2)However, if the “ITR filed u/s 139(1)" is discarded and the subsequent return is filed after the due date u/s 139(1), it would attract implications of belated return like 234F, etc., 3) To access the 'Discard' option, users can follow the specified pathway on the income tax website.
On the income tax portal, users can find the Discard option www.incometax.gov.in → Login → e-File → Income Tax Return → e-Verify ITR → “Discard" 4) Users can avail of this option only if the ITR status is “unverified" / “Pending for verification". 5) Users can utilize the discard option repeatedly as long as the ITR status remains unverified or pending verification. 6) The feature is available for AY24 onwards.
Once an ITR is discarded. 7) This option will be available only till the time limit specified for filing ITR u/s 139(1)/139(4) /139(5) (i.e., 31st December of respective AY as of now). 8) Once an ITR is discarded, it cannot be reinstated, making the action irreversible and essentially disclaiming the filing of the ITR.
Meanwhile, a record number of over 7.85 crore Income Tax Returns were filed till October 31 this year, said the Central Board of Direct Taxes (CBDT). According to the official release, October 31 was the due date for filing ITRs (other than ITR-7) for taxpayers not having any international or specified domestic transactions. Milestone Alert!
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