Income Tax: About 6.98 crore ITRs have been filed for AY 2023-24, out of which 6.84 crore ITRs have been verified
The income tax department on Tuesday, September 5, said it is committed to processing the income tax returns (ITRs) in a speedy and efficient manner. It said 6.98 crore ITRs have been filed for AY 2023-24, out of which 6.84 crore ITRs have been verified. Out of the verified ITRs in AY 2023-24, more than 6 crore have been processed so far, resulting in the processing of over 88 per cent of the verified ITRs.
Read More: Income Tax: Employees With Rent-Free Accommodation To Save More Tax From This Month
More than 2.45 crore refunds for AY 2023-24 have already been issued.
The income tax 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.
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, 2023. 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.
There are about 12 lakh verified ITRs in which further information has been sought by the income tax 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.
Read More: Salaried Employees With Company’s Rent-free Accommodation To Get Tax Relief
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 I-T department remains committed to the speedy processing and expeditious issue of refunds and solicits the cooperation of the taxpayers.
