The Income Tax Department has once again exemplified its commitment towards lightning-fast and efficient processing of Income Tax Returns (ITRs). As the clock struck on September 5, 2023, a whopping total of 6.98 crore ITRs were filed for the AY 2023-24, out of which a staggering 6.84 crore ITRs had already been verified. With over 6 crore ITRs of AY 2023-24 processed out of the verified count as on record date, we have witnessed a successful completion of over 88% of the verified ITRs. Another point worth celebrating is the issue of more than 2.45 crore refunds for AY 2023-24.
The I-T Department’s initiative in providing seamless and lightning-fast taxpayer services is indeed paying off. The average processing time for ITRs (after verification) has witnessed a stupendous fall, coming down to an average 10 days for returns filed for AY 2023-24 compared to the elongated 82 days for AY 2019-20 and 16 days for AY 2022-23. This remarkable improvement clearly outlines the I-T Department’s dedication towards providing efficient and timely services to taxpayers.
In spite of the streamline efforts, the I-T Department has faced challenges in processing some categories of ITRs. Lack of information or pending actions on the part of taxpayers has led to this delay. As of September 4, 2023, approximately 14 lakh ITRs for AY 2023-24 have been filed but are yet to be verified by the taxpayers. It’s crucial to note that delays in verifying Returns impedes the overall processing time and completion rate as Returns can be taken up for processing post-verification. Taxpayers are strongly encouraged to complete this process immediately.
In addition, nearly 12 lakh verified ITRs are still awaiting additional information solicited by the I-T Department. A formal communication for this request has already been relayed to taxpayers through their registered e-filing accounts, with a request for expeditious action.
Furthermore, there have been multiple instances where the verification process was smoothly completed, refunds were rightly determined but the I-T Department found itself unable to issue them. This was purely due to the fact that taxpayers had not yet validated their bank account details where the refund was to be credited. Under such circumstances, taxpayers have been requested to validate their bank account details swiftly via the e-filing portal.
In the broader picture, the I-T Department stands tall in its commitment to expedite processing and swift issuing of refunds. The department is diligently working to provide better services and earnestly looks forward to the cooperation of taxpayers in this noble cause.