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Business News/ Money / Personal Finance/  Over 6 crore! I-T Department processes over 88% of verified income tax returns
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Over 6 crore! I-T Department processes over 88% of verified income tax returns

More than six crore ITRs of AY 2023-24 have been processed out of the verified ITRs as on Tuesday, resulting in processing of over 88 percent of the verified ITRs

There are about 14 lakh ITRs for AY 2023-24 which have been filed but are yet to be verified by the taxpayersPremium
There are about 14 lakh ITRs for AY 2023-24 which have been filed but are yet to be verified by the taxpayers

The Income Tax Department is seemingly processing the tax returns in a speedy manner. No wonder then 6.98 crore ITRs for AY 2023-24 were filed, out of which 6.84 crore ITRs have already been verified.

More than 6 crore ITRs of AY 2023-24 have been processed out of the verified ITRs as on Tuesday, resulting in processing of over 88% of the verified ITRs. More than 2.45 crore refunds for AY 2023-24 have already been issued, reveals the data released by Income Tax Department.

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.

It is pertinent to state that the tax department is not able to process the following categories of ITRs for want of certain information/action on the part of taxpayers:

a. There are about 14 lakh ITRs for AY 2023-24 which have been filed but were yet to be verified by the taxpayers as on Sept 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.

Taxpayers are urged to complete the verification process immediately.

b. 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.

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 intends to carry out expeditious issue of refunds and solicits the cooperation of the taxpayers.

 

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Tax saving FDs have a lock-in period of five years.

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Published: 06 Sep 2023, 01:15 PM IST
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