The Income Tax Department processed 73.71% of all verified income tax returns (ITR) as of August 22, 2024, which added up to 5,25,53,097 ITRs out of 7,13,00,901 verified ITRs, according to a report. This means that 26.29% of the ITRs are yet to be processed.
The 20 days it took for the IT department to process more than 70% of transactions is however, much more than the 11 days it took in 2023, according to the report, which added that it was 93 days in 2013.
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What does it mean if your ITR has not been processed yet?
- Errors and incomplete information: ITRs with errors, incomplete information, or even inconsistencies, such as when there is a mismatch in PAN details or when bank information is incorrect usually get flagged for reviewing, leading to a potential delay in its processing.
- Complex ITR forms. For example, ITR forms like ITR-2 and ITR-3 are more complicated as they are for individuals with multiple income sources, such as business or professional income, capital gains, and foreign assets.
- Scrutiny cases. However, the possibility that it may be a scrutiny case is also less likely, and it may just be a procedural delay.
- Large tax refund claims. If the tax refund claim is especially a large amount, the IT department has to perform even more rigorous checks and balances.
- Normal procedural delays
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