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Discard ITR option 4 unverified belated/original/revised ITR

Very Important Update Related to ITRs from AY 2023-24- Tax Dept issue on FAQ related to Discard ITR

Now Income tax taxpayers can discard tax returns if your Income Tax Return status is ‘unverified’. Tax Dept. Portal now features a “Discard ITR” option for unverified belated/original/revised (u/s 139(1) /139(4) / 139(5)) ITR’s starting from AY 2023-24.

‘Discard Return’ option on the Tax dept portal, which permitted income tax taxpayers to rectify errors in their Income Tax Return & file a fresh Income Tax Return.

Income tax taxpayers’ users can avail option of ‘Discard’ for Income Tax Return’s being submitted under section 139(4) /139(1) / 139(5) if they do not want to verify ITR. Discard option is only available for Income tax taxpayers with unverified ITR returns from AY 2023-2024 onwards.  while there are no specific income tax provisions under Tax Law for option of discard return, This income tax law change is an attempt to streamline process of filing ITR’s.  It is compulsory to submit subsequent fresh  Income Tax Return, after discarding previous unverified Income Tax Return. Moreover, Incase Income tax taxpayer wishes to file a revised ITR return in future date, Taxpayer must provide information of original filing acknowledgment number & date of the valid Income Tax Return.

  1. Opting to discard the Income Tax Return is equivalent to non-filing of the Tax Return.
  2. Following the discard, a new ITR can be Filed. But, if fresh ITR Return is file after timeline date, it will incur late fees & other associated consequences.
  3. Once discard option is exercised, Income Tax Return cannot be reversed. Use this option cautiously.
  4. The Discard ITR feature is available until the Income Tax Return filing due date, i.e., until 31st Dec following  end of FY. It is advising to Income tax taxpayer Timely action is advised.

For more details and FAQs on discarding a Tax return, You may visit the official Income tax FAQ page which mention here under : https://www.incometax.gov.in/iec/foportal/help/discard-return/faqs

Tags: ITR
Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.

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