Income Tax: Over 88% of Processed ITRs Verified, 14,000 Returns Awaiting Verification

The income tax department, as of Tuesday, September 5, expressed its dedication to swiftly and effectively handling income tax returns (ITRs). It revealed that out of the 6.98 crore ITRs filed for AY 2023-24, 6.84 crore have been successfully verified. 

Among these verified ITRs for AY 2023-24, over 6 crore have already undergone processing, marking the completion of over 88 percent of the verified ITRs.

Over 2.45 crore refunds have already been issued for AY 2023-24.

The income tax department is continually enhancing its efforts to provide efficient taxpayer services. As part of these efforts, the time it takes to process ITRs (after verification) has been significantly reduced. 

For AY 2023-24, the average processing time is now just 10 days, compared to 82 days for AY 2019-20 and 16 days for AY 2022-23.

As of September 4, 2023, there are approximately 14 lakh ITRs for AY 2023-24 that have been filed but are awaiting verification by the taxpayers. 

It is important to note that processing can only begin once the verification is completed by the taxpayer. Taxpayers are encouraged to complete the verification process promptly.

Roughly 12 lakh verified ITRs have been flagged for additional information by the income tax department. Notifications regarding these requests have been sent to taxpayers via their registered e-filing accounts. Taxpayers are kindly urged to respond to these notifications promptly.

In some instances, ITRs have been processed, and refunds have been calculated. However, the department cannot issue these refunds because taxpayers have not confirmed their bank accounts for the refund transfer. Taxpayers are kindly asked to verify their bank accounts through the e-filing portal.

The Income Tax department is dedicated to efficiently processing and issuing refunds and appreciates the cooperation of taxpayers in this matter.

Also Read: A fine of up to Rs. 50,000 For Non-Display of GST Number: CBIC