ITR refund : The Income Tax Department emphasized its commitment to processing Income Tax Returns (ITR) speedily and efficiently. In the assessment year 2023-24, 6.98 crore ITRs have been filed out of which 6.84 crore ITRs have been verified and more than 6 crore ITRs have been processed as per the Income Tax Department. The department informed that more than 2.45 crore refunds for AY 2023-24 have already been issued.
“The Department’s efforts to provide seamless and expeditious taxpayer services are being continuously strengthened. In line with the same, the average processing time of ITRs (after verification) has been reduced to 10 days for Returns filed for AY 2023-24 compared to 82 days for AY 2019-20 and 16 days for AY 2022-23,” Central Board of Direct Taxes (CBDT) said in a release.
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Unable to process two categories of ITRs
The Income Tax Department is not able to process two kinds of ITRs- one where the verification is due and the second where the department has sought additional information from the taxpayer and is waiting for the response.
The release mentioned 14 lakh ITRs for AY 2023-24 which are filed but not verified by the taxpayers and 12 lakh ITRs are such that the Income Tax Department is waiting for the response to the request of additional information it sought.
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The Income Tax Department also mentioned some cases where refunds are determined but the department is unable to issue them as taxpayers have not validated their bank details.
“There are several cases in which the ITRs have been processed and refunds have also been determined but the Department is unable to issue them as taxpayers have not yet validated their bank account in which the refund is to be credited. Taxpayers are requested to validate their bank accounts through the e-filing portal,” the press release added.
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