The Income Tax Department has demonstrated its commitment to efficient taxpayer services by swiftly processing Income Tax Returns (ITRs) for the assessment year 2023-24 (AY 2023-24). Out of the 6.98 crore ITRs filed, the department has already verified 6.84 crore, and more than 6 crore ITRs have been processed, according to an announcement by the Central Board of Direct Taxes (CBDT).
The department also revealed that it has already issued over 2.45 crore refunds for AY 2023-24, showcasing its dedication to promptly returning excess taxes to eligible taxpayers.
One of the notable achievements highlighted in the CBDT’s announcement is the significant reduction in the average processing time for ITRs. For returns filed for AY 2023-24, the average processing time, after verification, has been reduced to just 10 days. This is a remarkable improvement compared to the processing times in previous assessment years, such as 82 days for AY 2019-20 and 16 days for AY 2022-23.
While the Income Tax Department has made substantial progress in processing ITRs efficiently, there are still some categories of ITRs that remain pending:
- Unverified ITRs: Approximately 14 lakh ITRs for AY 2023-24 have been filed but are yet to be verified by the taxpayers.
- ITRs Requiring Additional Information: In around 12 lakh cases, the Income Tax Department has requested additional information from taxpayers and is awaiting their responses.
Additionally, the department faces challenges in issuing refunds for some cases where refunds have been determined. This issue arises when taxpayers have not validated their bank account details through the e-filing portal. The Income Tax Department has called upon taxpayers to validate their bank account information to ensure the smooth and timely issuance of refunds.
The efficient processing of ITRs and the reduction in processing time are positive developments that contribute to a smoother tax-filing experience for taxpayers in India. The Income Tax Department continues to enhance its taxpayer services and streamline processes to meet the needs of taxpayers while upholding tax compliance and collection.
