NIFTY 50 22,942.75 Down stock -2.55 (-0.01%)
NIFTY 100 23,374.95 up stock 43.55 (0.19%)
NIFTY 500 20,728.00 up stock 116.60 (0.57%)
NIFTY MIDCAP 50 14,140.05 up stock 143.30 (1.02%)
INDIA VIX 15.38 Down stock -0.29 (-1.80%)
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NIFTY SMALLCAP 50 7,501.75 up stock 155.75 (2.12%)
NIFTY BANK 49,460.60 up stock 373.30 (0.76%)
NIFTY AUTO 21,806.90 Down stock -12.00 (-0.05%)
NIFTY FMCG 52,403.50 Down stock -77.00 (-0.15%)
NIFTY IT 40,969.75 Down stock -494.60 (-1.19%)
NIFTY MEDIA 1,493.00 up stock 20.35 (1.38%)
NIFTY METAL 8,354.45 up stock 98.85 (1.20%)
NIFTY PHARMA 20,826.15 Down stock -143.05 (-0.68%)
NIFTY PRIVATE BANK 24,714.20 up stock 213.60 (0.87%)
NIFTY REALTY 847.40 up stock 15.35 (1.84%)
NIFTY OIL & GAS 10,054.30 up stock 82.25 (0.82%)
NIFTY COMMODITIES 7,837.60 up stock 55.75 (0.72%)
NIFTY ENERGY 31,207.30 up stock 358.25 (1.16%)
LEADMINI 188 up stock 0.20 (0.11%)
ZINCMINI 261.25 up stock 0.25 (0.1%)
SILVERMIC 89730 up stock 72.00 (0.08%)
GOLDGUINEA 59188 up stock 50.00 (0.08%)
GOLDM 72900 up stock 28.00 (0.04%)
COTTONCNDY 56540 up stock 20.00 (0.04%)
SILVER 89675 up stock 29.00 (0.03%)
CRUDEOIL 6609 Down stock -237.00 (-3.46%)
NATURALGAS 177.5 Down stock -0.30 (-0.17%)
NATGASMINI 177.5 Down stock -0.30 (-0.17%)
MENTHAOIL 942.2 Down stock -1.20 (-0.13%)
ZINC 260.7 Down stock -0.25 (-0.1%)
ALUMINIUM 220.5 Down stock -0.20 (-0.09%)
LEAD 187 Down stock -0.10 (-0.05%)
NIFTY 50 22,942.75 Down stock -2.55 (-0.01%)
NIFTY 100 23,374.95 up stock 43.55 (0.19%)
NIFTY 500 20,728.00 up stock 116.60 (0.57%)
NIFTY MIDCAP 50 14,140.05 up stock 143.30 (1.02%)
INDIA VIX 15.38 Down stock -0.29 (-1.80%)
NIFTY MIDCAP 150 18,618.60 up stock 242.75 (1.32%)
NIFTY SMALLCAP 50 7,501.75 up stock 155.75 (2.12%)
NIFTY BANK 49,460.60 up stock 373.30 (0.76%)
NIFTY AUTO 21,806.90 Down stock -12.00 (-0.05%)
NIFTY FMCG 52,403.50 Down stock -77.00 (-0.15%)
NIFTY IT 40,969.75 Down stock -494.60 (-1.19%)
NIFTY MEDIA 1,493.00 up stock 20.35 (1.38%)
NIFTY METAL 8,354.45 up stock 98.85 (1.20%)
NIFTY PHARMA 20,826.15 Down stock -143.05 (-0.68%)
NIFTY PRIVATE BANK 24,714.20 up stock 213.60 (0.87%)
NIFTY REALTY 847.40 up stock 15.35 (1.84%)
NIFTY OIL & GAS 10,054.30 up stock 82.25 (0.82%)
NIFTY COMMODITIES 7,837.60 up stock 55.75 (0.72%)
NIFTY ENERGY 31,207.30 up stock 358.25 (1.16%)
LEADMINI 188 up stock 0.20 (0.11%)
ZINCMINI 261.25 up stock 0.25 (0.1%)
SILVERMIC 89730 up stock 72.00 (0.08%)
GOLDGUINEA 59188 up stock 50.00 (0.08%)
GOLDM 72900 up stock 28.00 (0.04%)
COTTONCNDY 56540 up stock 20.00 (0.04%)
SILVER 89675 up stock 29.00 (0.03%)
CRUDEOIL 6609 Down stock -237.00 (-3.46%)
NATURALGAS 177.5 Down stock -0.30 (-0.17%)
NATGASMINI 177.5 Down stock -0.30 (-0.17%)
MENTHAOIL 942.2 Down stock -1.20 (-0.13%)
ZINC 260.7 Down stock -0.25 (-0.1%)
ALUMINIUM 220.5 Down stock -0.20 (-0.09%)
LEAD 187 Down stock -0.10 (-0.05%)

Updated 19:21 IST, July 31st 2024

Can you discard and refile your ITR? Here's how

The 'Discard ITR' feature provides a chance for taxpayers to correct their returns, ensuring accuracy and flexibility.

Reported by: Business Desk
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Income Tax Return
Income Tax Return | Image: Pexels

Income tax return: Today marks the final day to submit your income tax return (ITR), and there’s no word from the authorities about extending the July 31st, 2024 deadline. Many last-minute filers are prone to errors or inaccuracies. Thankfully, there's a solution: the 'Discard ITR' option.

“The 'Discard ITR' feature provides a chance for taxpayers to correct their returns, ensuring accuracy and flexibility. Despite its limitations, it greatly simplifies the tax filing process,” said Arpit Suri, CA and personal finance expert.

What is the 'Discard ITR' option?

The Income Tax Department has introduced the 'Discard ITR' feature, allowing taxpayers to withdraw their original returns and submit new ones. This is particularly useful for correcting mistakes or updating information.

Key features of the 'Discard ITR' option

  1. Correcting errors: This feature helps rectify errors in your original return, such as incorrect income details or deduction claims.
  2. Accurate filings: By enabling fresh submissions, it ensures your tax returns are accurate and up-to-date, minimising discrepancies and audit risks.
  3. Flexibility: It allows for necessary amendments without penalties for initial errors.
  4. Simplified process: This feature streamlines the filing process, aiding compliance with tax regulations.


To utilise the 'Discard ITR' option, the tax return must be unverified or pending verification. Taxpayers can use this option multiple times as long as the return remains in this unverified status. 

However, if a new return is filed after discarding the original and the deadline has passed, it will be treated as a belated return, so it's crucial to check the due date before discarding any previously filed return. 

Additionally, once an ITR is discarded, it cannot be reinstated, as it is considered not filed. Caution is advised when using this feature. 

The discard option is also unavailable if the ITR verification is in transit, such as when the ITR-V has been sent for physical verification but not yet processed by the CPC.

Notably, discarding an ITR does not exempt you from filing a new one. After discarding an unverified return, a subsequent ITR must be filed.
 

Published 16:32 IST, July 31st 2024