Thursday, February 22, 2024

New ‘Discard Return’ Facility Offers Taxpayers Relief in Filing ITR

The Income Tax Department keeps improving and changing the system from time to time for the better convenience of its taxpayers. Recently, income tax has given a new facility to the taxpayers. This facility has been named ‘Discard Return’. After the launch of the discard facility, taxpayers can now discard their tax returns. After the introduction of this feature, taxpayers can completely discard any of their income. That is to say, you can delete it also.

Now the question is, for whom is this facility, then let us tell you that it is for the income tax return which the taxpayer has already filed but has not been able to verify it. If you have ever filed an income return before, but it was not verified, then you can now delete such return from the database of the Income Tax Department.

Did you get exemption from revised return?

With this facility it will become easier for taxpayers to file ITR. Let us tell you, there was no facility to reject the old return, so if any mistake remained, the taxpayers had to file a revised return. Now taxpayers can file fresh ITR by rectifying the mistakes instead of going through the entire process of filing amended return.

Have taxpayers got freedom?

To file revised return, it was necessary to verify the old return. Meaning, if you have filed an income tax return and then found a mistake, the way to correct it is to first verify it as it is and then file a revised return. Now taxpayers have got freedom in this process, now taxpayers can fill ITI afresh by leaving the return containing wrong information.

What are the benefits of filing ITR?

There are many benefits of filing ITR. Let us tell you that ITR is the proof of your income. All government and private institutions accept it as income proof. Many times it happens that if you apply for a loan from a bank, the bank asks for ITR from you. That means, if you file ITR regularly then you can easily get a loan from the bank.

RELATED ARTICLES

Most Popular