NPCI issued circular

NPCI has issued a circular in this regard. According to this circular, its main objective is to simplify the real-time verification of PAN details, bank account status and account holder’s identity directly from the Core Banking System (CBS) of banks. Under this, NPCI has now introduced a new PAN and Bank Account Verification Application Programming Interface. It has been specially designed for government departments. This interface will provide the facility of real-time verification of PAN details, bank account status, account holder’s name directly from the bank’s Core Banking System (CBS).

What do experts say

Utkarsh Bhatnagar, partner at Cyril Amarchand Mangaldas, told the Economic Times that quick and real-time verification of PAN-bank account details of taxpayers accessing the income tax website will be possible. Bhatnagar says that the new facility will enable faster and error-free processing of income tax refunds and direct transfers. This will also reduce the risk of fraud. At the same time, banks will have to upgrade their systems to comply with NPCI’s secure interface standards.

Excel Facility for Taxpayers

The Income Tax Department is constantly making efforts to make it easier for taxpayers to file returns. Recently, the Income Tax Department has provided Excel facility for ITR-1 and ITR-4 for the assessment year 2025-26, so that taxpayers can file their income tax returns. Let us tell you that this year the last date for filing income tax returns in ITR-1 and ITR-4 has been extended from 31 July to 15 September.

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The post Taxpayers New Service: Govt launched new facility for linking PAN-bank account, check details here first appeared on Rightsofemployees.com.

What is discard return?

When you file your Income Tax Return (ITR), there are several steps. Under the discard return facility provided by the Income Tax Department, you can discard the income tax return already filed by you. In simple language, this means that that return will be completely removed from the records of the Income Tax Department. To use discard return, the taxpayer will have to go to the website of the Income Tax Department. That means you can remove it before filing ITR.

When will discard returns be used?

Any taxpayer can use the discard return option only if that taxpayer has not verified his ITR. This simply means that before verifying the ITR, you can remove it from the records of the Income Tax Department. The date of discarding the return should be within one year from the end of the financial year. Also, the return can be discarded only by the person who has filed it first. Let us tell you that after discarding the return, no changes can be made, you will have to file it afresh.

Benefits of discard returns

You can correct any mistakes before verifying the return. If you have made any mistake in your income tax return, you can correct it without paying any penalty through ‘Discard Return’. This facility is helpful to taxpayers in correcting or withdrawing income tax returns. Earlier, there was no system for withdrawing the ITR filed with the taxpayers. If there was a mistake in the ITR, a revised return had to be filed.

Discard return process

To make a discard return, users will have to file the following process.

> First of all go to the Income Tax Department website www.incometax.gov.in.
> Now login using your user ID and password.
> After this go to e-File option and select Income Tax Return.
> Now click on e-Verify ITR and select ‘Discard’ option.

Till now this was the process

Before ‘Discard Return’, you were required to file the old return in case of any mistake or change. In this, if you came to know about any discrepancy after filing the return, then you had to file a revised return. But now you can make changes in it without revising.

The post Taxpayers New Service: What is discard return, how to use it ? first appeared on Rightsofemployees.com.