CBDT: Income Tax Department Successfully Processes 88% of Validated Tax Returns

The Income Tax Department appears to be efficiently handling tax return processing. It is no surprise that out of the 69.8 million ITRs filed for Assessment Year 2023-24, 68.4 million have already undergone verification.

As of Tuesday, the Income Tax Department has successfully processed more than 60 million Income Tax Returns (ITRs) for Assessment Year 2023-24, representing over 88% of the verified ITRs. 

According to data released by the Income Tax Department, over 24.5 million refunds for Assessment Year 2023-24 have already been issued. The department continues to enhance its efforts to provide seamless and expedited services to taxpayers. 

As part of these efforts, the average processing time for ITRs (after verification) has been reduced to 10 days for returns filed for Assessment Year 2023-24.

It is important to note that the tax department is currently unable to process certain categories of Income Tax Returns (ITRs) due to missing information or required actions from taxpayers:

a. As of September 4, there were approximately 1.4 million ITRs for Assessment Year 2023-24 that have been filed but not yet verified by the taxpayers. 

Failure to complete the verification process leads to processing delays since the return can only be processed once the taxpayer has successfully verified it.

Taxpayers are firmly encouraged to complete the verification process. Additionally, there are approximately 1.2 million verified Income Tax Returns (ITRs) where the Tax Department requires further information. 

The Department has already sent communication to these taxpayers through their registered e-filing accounts, and taxpayers are kindly requested to respond to this communication as quickly as possible.

Furthermore, there are cases where ITRs have been processed, and refunds have been determined, but the Department cannot issue these refunds because taxpayers have not yet confirmed their bank account information for the refund. Taxpayers are urged to validate their bank account details through the e-filing portal.

The Department is committed to expediting the refund process and seeks the cooperation of taxpayers in this regard.

Also Read: Changes to e-Invoicing and e-Waybill HSN Code Requirements Coming into Effect on October 1, 2023