Income Tax Refund: After verification of the return, the average processing time of income tax return has been reduced to 10 days as compared to 82 days in 2019-20 and 16 days in 2022-23.
Income Tax Return: If you also file ITR every year, then this news will make you happy. A statement from the Central Board of Direct Taxes (CBDT) said that after verification by the taxpayer, the processing time for income tax returns has been reduced to 10 days. On behalf of the CBDT, it was said that the efforts of the Income Tax Department are being continuously strengthened to provide seamless and prompt taxpayer service.
Processing time reduced to 10 days
CBDT said that this has the effect of reducing the average processing time of income tax returns after verification for returns filed for Assessment Year (AY) 2023-24 to 10 days from 82 days in 2019-20 and 16 days in 2022-23 Has been done. It was told in the statement that the Income Tax Department is fully prepared for processing tax returns (ITR) in a quick and efficient manner.
6.98 crore IRs filed
Till September 5, 6.98 crore IIRs were filed for assessment year 2023-24, out of which 6.84 crore have been verified. Till September 5, out of verified tax returns, more than 6 crore tax returns for 2023-24 have been processed. The result is that more than 88% of the verified tax returns have been processed. The statement also said that more than Rs 2.45 crore refunds have already been issued for the current assessment year.
CBDT also said that the department is not able to process some tax returns due to lack of some information from taxpayers. According to the data released recently, about 14 lakh ITRs for the year 2023-24 were yet to be verified by the taxpayers. CBDT said, there is delay in processing due to lack of return verification. Actually, the return can be processed only after verification by the taxpayer. Let us tell you that information has been sought from the department about about 12 lakh verified ITRs.
