September 6, 2023 The Income Tax Department has verified 6.84 crore income tax return forms (ITRs) as on September 5, 2023. A total of 6.98 crore ITRs were filed for the assessment year (AY) 2023-24, the finance ministry said in a press statement on September 5.
More than 6 crore ITRs of AY 2023-24 have been processed out of the verified ITRs as on September 5, resulting in processing of over 88% of the verified ITRs. More than 2.45 crore refunds for AY 2023-24 have already been issued, it added.
Average processing time of ITRs down to 10 days from 82 days
“The department’s efforts to provide seamless and expeditious taxpayer services are being continuously strengthened. In line with the same, 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,” the department said.
However, it said that the department was not able to process certain categories of ITRs “for want of certain information/action on the part of taxpayers”.
Failure to verify ITR
There are about 14 lakh ITRs for AY 2023-24 which have been filed but are yet to be verified by the taxpayers as on September 4. Failure to verify the returns causes delays in processing as the return can only be taken up for processing once the verification has been completed by the taxpayer. In such cases, taxpayers must complete the verification process immediately.
Missing information
There are about 12 lakh verified ITRs, in which further information has been sought by the department, for which requisite communication has been sent to the taxpayers through their registered e-filing accounts. Taxpayers are requested to respond to such communication expeditiously.
Un-validated bank account
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 department remains committed to speedy processing and expeditious issue of refunds and solicits the cooperation of the taxpayers,” it added.
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