88% of verified income tax returns for AY 2023-24 processed: IT Dept
New Delhi: The Income Tax (IT) Department has processed over 6 crore Income Tax Returns (ITR) for Assessment Year (AY) 2023-24, the Ministry of Finance said on Tuesday.
“As of 05.09.2023, 6.98 crore ITRs for AY 2023-24 were filed, out of which 6.84 crore ITRs have been verified. More than 6 crore ITRs of AY 2023-24 have been processed out of the verified ITRs as of 05.09.2023, resulting in the processing of over 88% of the verified ITRs,” the ministry said in a statement.
More than 2.45 crore refunds for AY 2023-24 have already been issued, it added.
The average processing time of verified ITRs 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 Ministry said that the department was unable to process applications that are yet to be verified by the taxpayers, need further information, or don’t have a validated bank account.
There are about 14 lakh ITRs for AY 2023-24 which have been filed but are yet to be verified by the taxpayers as of 04.09.2023.
“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,” he said.
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,” the Ministry said.
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 to which the refund is to be credited.
The taxpayers can validate their bank accounts through the e-filing portal, the Ministry said.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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