The last date for filing Income Tax Return (ITR) without any penalty is July 31, 2024. With fewer than 10 days left for hassle-free filing, there is a rush for filing ITR. But one must do it with extreme care so that one does not have to opt for this route.
Here are the reasons.
Need for changing information
If you leave any gap in the information you furnish or some incorrect information you have to rectify the acts of omission or commission.
Till assessment year AY 2023-24 such mistakes could be rectified only after completing the ITR process by verifying it and then file an ITR with the appropriate information.
‘Discard’ option is new and useful
All that hassle has now disappeared. One can select ‘Discard ITR’ in the e-filing portal (https://www.incometax.gov.in/iec/foportal/) and delete the ITR which is yet to be verified and file another ITR anew.
This is a new feature offered by the Income Tax Department so that fresh ITR.
Where to find it
One can imagine it as something similar to taking a U-turn while driving. You come back to the ITR and start filing up afresh with the correct information.
“One can also think it to be akin to deleting the contents of an email one has written before sending it. One can discard the old words, rewrite the mail and push the send button,” remarked Monojit Banerjee, a Kolkata-based income tax practitioner.
Use if ITR unverified
The Income Tax Department declared on its website: “Users can avail of this option only if the ITR status is ‘Unverified’/ ‘Pending for Verification’. There is no restriction on availing of this option multiple times. Precondition: ‘ITR status’ is ‘Unverified’/’Pending for Verification’.
The first move is to log in at the portal https://www.incometax.gov.in/iec/foportal/.
Then one should access the ‘e-Verify Return’ under ‘Income Tax Returns’ on the ‘e-File’ tab.
A new webpage will display the unverified ITR. You can find the ‘discard’ option next to ‘e-Verify’ option. Needless to say, pressing the discard option will make the ITR disappear.
Experts have advised that none should opt for the ‘Discard’ option after July 31. If that is done, it might be interpreted as the original ITR has not been filed deadline of July 31, 2024 which will land you in a situation where you have to pay penalty.
ITR filing revision: Only 9 days are left to file ITR. File it with extreme care so that you don’t have to use this option at all. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
