The income tax department has introduced a new facility to discard original unverified returns filed under Section 139(1)/139(4)/139(5). This allows taxpayers to file a fresh ITR after discarding the previous one. Let’s understand some key aspects about discarding returns.
Eligibility for Discarding Original ITR
– Only unverified ITRs filed under 139(1)/139(4)/139(5) can be discarded
– Facility available from AY 2023-24 onwards
– Can discard multiple times if ITR status is unverified/pending for verification
Process of Discarding ITR
– Discard option available on e-filing portal under e-Verify ITR section
– Need to give undertaking that ITR-V is not sent to CPC
– Once discarded, ITR cannot be reversed
Filing Subsequent ITR after Discard
– Expected to file subsequent ITR after discard as liability exists
– If 139(1) ITR discarded after due date, select 139(4) for subsequent filing
– Details of valid ITR filed after discard required for future revised ITR
Implications of Discarding ITR
– Can discard before 139(1) due date to avoid late filing implications
– Discarded ITR is considered as not filed at all
– Option available until 139(1)/139(4)/139(5) deadline
Conclusion
The discard facility allows taxpayers to file a fresh ITR after removing errors in original filing. However, taxpayers need to be vigilant about due dates and filing implications. The facility should be used judiciously within the specified timelines.