Average processing time of Income Tax Returns (ITR) has reduced to ten days in the Assessment Year 2023-24. Average processing time of ITR was 82 days in the Assessment Year 2019-20, and 16 days in Assessment Year 2022-23.
Income Tax Department said, it is committed to process the ITR in a speedy and efficient manner to the taxpayers. According to the Department, six crore 98 lakh ITRs for Assessment Year 2023-24 were filed, out of which 6 crore 84 lakh ITRs have been verified.
The Department informed that more than two crore 45 lakh refunds for Assessment Year 2023-24 have already been issued. Income Tax Department said, there are several cases in which the ITRs have been processed and refunds have also been determined, but the Department is unable to issue them. It said, taxpayers have not yet validated their bank account in which the refund is to be credited. The Department urged the taxpayers to validate their bank accounts through the e-filing portal to get the refunds.