Income Tax: Explained: What is the new Discard Income Tax Return option? Benefits for taxpayers & all FAQs answered
Discard Income Tax Return explained: The Income Tax Department, in an attempt to streamline the process of filing income tax returns further, has this year come up with a new feature called “Discard return”. As the name suggests, the new option allows an income tax payer to “discard” their IT return, instead of filing a revised one in case of any error.However, there is a catch! You can only avail the “Discard” ITR option if you have not verified your income tax return for the assessment year 2023-24.Let’s understand this better:What is the “Discard” ITR option?If you “discard” your tax return on the income tax return filing website, www.incometax.gov.in, it will be deleted from the records of the Income Tax Department forever and there is no way of retrieving it by the taxpayer. The proc...