The Income Tax Department has good news for taxpayers, with significant relief in sight. In the financial year 2023-24, after reviewing returns, the time taken to process income tax returns has dropped to just 10 days.
This is a notable improvement from the 16 days it took in the previous financial year, 2022-23, and a significant leap from the 82 days recorded in 2019-20.
As per the latest data from the Income Tax Department, 6.98 crore income tax returns (ITRs) have been submitted for the assessment year 2023-24 by September 5, 2023.
Of these, 6.84 crore ITRs have been verified. Impressively, more than 6 crore ITRs for the assessment year 2023-24 have already been processed, which accounts for over 88 percent of the verified ITRs.
Furthermore, more than 2.45 crore refunds have already been issued for the assessment year 2023-24.
Refunds Pending Until ITR Processing
Nevertheless, the Income Tax Department is yet to complete the processing of several ITRs, prompting frustration among some social media users due to the extended processing time.
It’s essential to note that the income tax refund is only credited to the bank account after the ITR is processed.
Some districts are still experiencing delays in processing, including cases where individuals have not verified their ITR.
Who Is Ineligible for Refunds?
According to the latest data, as of September 4, 2023, there are approximately 14 lakh ITRs for the assessment year 2023-24 that remain unverified, leading to processing delays.
The Income Tax Department urges taxpayers to promptly complete the verification process.
Additionally, 12 lakh taxpayers have not had their ITRs processed because the department sought information from them but received no response.
On the flip side, some taxpayers have had their ITRs processed, and refund amounts determined, but they have yet to verify their bank account details.
