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Business News/ Money / Personal Finance/  Average income tax return processing time reduced to 10 days. Details here
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Average income tax return processing time reduced to 10 days. Details here

In a recent press release from the Ministry of Finance, the Central Board of Direct Taxes (CBDT) reiterates its dedication to reducing the processing time for Income Tax Returns (ITRs) to just 10 days.

Average processing time of Income Tax Returns reduced to 10 daysPremium
Average processing time of Income Tax Returns reduced to 10 days

The average processing time for Income Tax Returns (ITRs) has significantly improved over the years as reported on the CNBCTV18 site. In the Assessment Year 2023-24, it now takes only ten days on average to process an ITR. This is a remarkable improvement compared to the 82-day processing time in the Assessment Year 2019-20 and the 16-day processing time in the Assessment Year 2022-23.

The Income Tax Department has reaffirmed its dedication to swiftly and efficiently processing ITRs for the benefit of taxpayers. As per the Department's statement, out of the 6 crore 98 lakh ITRs filed for the Assessment Year 2023-24, a substantial 6 crore 84 lakh ITRs have already undergone the verification process.

The Department has provided an update stating that over 2.45 crore refunds have been disbursed for the Assessment Year 2023-24. Furthermore, the Income Tax Department has highlighted that there are instances where ITRs have been processed and refund amounts have been determined, but the Department faces challenges in issuing these refunds.

This issue arises because taxpayers have not yet verified their designated bank accounts for the refund transfer. In response, the Department is urging taxpayers to promptly validate their bank account information through the e-filing portal to facilitate the timely disbursement of refunds.

 

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Published: 08 Sep 2023, 01:32 PM IST
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