Refunds issued for 2.45 crore income tax returns
The department said that the average processing time of ITRs (after verification) has been reduced to 10 days for Returns filed for AY 2023-24 compared to 16 days for AY 2022-23.
NEW DELHI: The Income Tax Department has issued refunds for over 2.45 crore returns, it said Tuesday.
As of September 5, 2023, a total of 6.98 crore ITRs were filed, with 6.84 crore of them already verified. Out of the verified ITRs, over 6 crore have been successfully processed, accounting for more than 88% of the verified ITRs.
Meanwhile, the department said that the average processing time of ITRs (after verification) 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.
However, it highlighted that about 14 lakh ITRs for AY 2023-24 which have been filed are yet to be verified by the taxpayers as on 04.09.2023. It is to be noted that the Return can only be taken up for processing once the verification has been completed by the taxpayer. The centre urged taxpayers to complete the verification process immediately.
"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," the tax department stated.
Also, in several cases, the ITRs have been processed and refunds have also been determined but the Tax Department is unable to issue them as taxpayers have not yet validated their bank account in which the refund is to be credited.