Average tax return processing time minimize to 10 days: CBDT

New Delhi: The common time taken to course of earnings tax returns after its verification by the tax payer has been lowered to 10 days, Central Board of Direct Taxes (CBDT) stated in an announcement on Tuesday.

CBDT stated that the tax division’s efforts to offer seamless and expeditious taxpayer companies are being repeatedly strengthened. “In line with the same, average processing time of income tax returns after verification has been reduced to 10 days for the returns filed for assessment year (AY) 2023-24 compared to 82 days for AY 2019-20 and 16 days for AY 2022-23,” CBDT stated.

The Income Tax division is dedicated to processing tax returns (ITRs) in a speedy and environment friendly method, the assertion stated.

As on 5 September, 6.98 crore earnings tax returns for AY 2023-24 have been filed, out of which 6.84 crore have been verified. More than 6 crore tax returns of AY 2023-24 have been processed out of the verified tax returns as on 5 September, leading to processing of over 88% of the verified tax returns. More than 2.45 crore refunds for the present evaluation 12 months have already been issued, the assertion stated.

CBDT additionally stated that the division is just not in a position to course of sure  kinds of tax returns for need of sure info or motion from taxpayers. CBDT stated that about 14 lakh ITRs for AY 2023-24 are but to be verified by the taxpayers as on Monday.

“Failure to verify the returns causes delays in processing as the return can only be taken up for processing once the verification has been completed by the taxpayer. Taxpayers are urged to complete the verification process immediately,” CBDT stated.

There are about 12 lakh verified ITRs during which additional info has been sought by the division. Taxpayers are requested to reply to such communication expeditiously, CBDT stated.

There are a number of instances during which the ITRs have been processed and refunds have additionally been decided however the Department is unable to situation them as taxpayers haven’t but validated their checking account during which the refund is to be credited. Taxpayers are requested to validate their financial institution accounts via the e-filing portal.

“The department remains committed to speedy processing and expeditious issue of refunds and solicits the cooperation of the taxpayers,” CBDT stated. 

Catch all of the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.

More
Less

Updated: 06 Sep 2023, 12:37 AM IST