This information will make you pleased if you also file an ITR each year. According to a statement from the Central Board of Direct Taxes (CBDT), the processing period for income tax returns has been cut down to 10 days after taxpayer identification. It was said on behalf of CBDT that the Income Tax Department’s efforts are continually being enhanced to offer consistent and efficient taxpayer service.
Reduction in processing time to 10 days
According to the CBDT, this will result in an average processing time for income tax returns filed for Assessment Year (AY) 2023–24 dropping to 10 days from 82 days in 2019–20 and 16 days in 2022–23. been completed. The Income Tax Department is adequately equipped to handle tax returns (ITR) in a timely and effective way, according to the statement.
ITRs totaled 6.98 crore as of September 5
For the evaluation year 2023–2024, 6.98 crore IIRs were submitted, of which 6.84 crore have been confirmed. More than 6 crore 2023–24 tax returns have been processed as of September 5 out of certified tax returns. More than 88% of the confirmed tax returns have been processed as a consequence. In addition, the statement noted that refunds totaling more than Rs 2.45 crore have already been given out for the current assessment year.
The CBDT further stated that
due to a lack of information from taxpayers, the department is unable to process some tax returns. According to newly revealed data, the taxpayers have not yet confirmed 14 lakh ITRs for the tax year 2023–2024. According to CBDT, processing is being held up since there has been no return verification. Actually, the taxpayer must verify the return before it may be completed. Let us advise you that the department has been asked for information regarding around 12 lakh validated ITRs.
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