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An analysis Economic Laws Practice (ELP), Taxand India
The Indian Income Tax Department has introduced a ‘Discard Return’ option, allowing taxpayers to rectify errors in unverified income tax returns (ITRs) filed from the assessment year 2023-2024 onwards.
Mitesh Jain from our Indian firm, Economic Laws Practice (ELP), has spoken to Business Standard, discussing the change. He describes how, while there are no specific provisions under the Income Tax Act for the option of ‘discard return’, it is an attempt to streamline the process of filing income tax returns.
Previously, the taxpayer had to file a revised ITR if there was a mistake in the returns they initially submitted. The new option helps avoid the unnecessary process of verifying incorrect returns and then filing a revised return when the taxpayer discovers any error or omission in the originally filed return of income before verification.
You can read the full Business Standard article here.
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