Page 52 - BANKING FINANCE February 2024

FEATURES

A fresh start makes it less taxing

T he Income Tax Department, time and again, and discard beside your ITR, which has been filed but not
makes available certain tools and features in
been verified yet. Here, you can choose the option 'discard'
order to provide convenience to taxpayers and
to delete the filed return and file a fresh return. One can
streamline the process of IT return filing.
repeat the same process, i.e. discard return, as many times
as one wishes, provided the ITR status remains 'unverified'
Recently, the department unveiled a new feature on its
or 'pending for verification'.
portal called 'Discard return'. Through this option, taxpayers
can delete their unverified submitted income tax return and Caveats
file a fresh return consequently. Here, we take a look at the
feature, how to avail it and when and who should use the Before using the new feature one must be aware of certain
same. conditions and caveats. Firstly, this option is effective from
AY202324 - i.e. the returns filed on or after April 1, 2023,
What is it about? which remain unverified. Secondly. the option is available
Typically, the income tax return (ITR) filing process involved only for ITRs that are unverified' or pending for verification.
verifying the return after submission. If one realised that any If it has already been verified and one needs to rectify the
error or omission had crept in, one had to verify the return mistakes, one needs to file a revised return. Do note that
and then subsequently file a 'Revised ITR'. once the return is discarded, it can't be retrieved and it will
be deemed as not filed only.
This is where the 'discard return' feature comes in handy.
Through this, if one has filed ITR - be it original, belated Further, discarding the ITR doesn't mean that you can file
(return filed upon passing of deadline) or revised but not the new ITR after the deadline without any consequences.
verified - and feels like changing certain details in the return, For instance, let's assume you have filed ITR on July 21, 2023,
one can delete the original unverified return - before sending and have discarded it before verifying the same.
it to the department. A fresh return can be filed thereafter. Consequently, if you have filed the fresh ITR after the
deadline (July 31, 2023), say, on August 5, 2023, you can
Previously, after submitting ITR, even if one spotted any
face penalty charges up to Rs. 5,000 for the same. Also, post
errors, he/she had to verify the wrong return which might submitting the ITR, one must go through the regular process
lead to scrutiny from the IT department. The 'discard return'
feature helps one to avoid going through the revised ITR and verify the return within 30 days of submission, through
process of correcting mistakes in the originally filed ITR. the offline or online mode.
While going through online process, you can verify either
As per the IT department, users can avail this option only
from AY 202324. through your Aadhaar number by generating six digit OTP
to your Aadhaar linked mobile number, generate ten digit
Process electronic verification code through your prevalidated bank
The process of availing 'discard return' is pretty much account/demat account or via a digital signature certificate.
straightforward. One needs to login to the income tax However, if you wish to do it offline, you need to send a
portal, go to the section called 'efile' within which one needs physical copy of your ITR verification (Form ITRV) to the
to select 'everify return'. Here, you find two options - everify Centralised Processing Centre. (Refer to Business Line)

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