The average processing time for Income Tax Returns (ITRs) has significantly improved over the years as reported on the CNBCTV18 site. In the Assessment Year 2023-24, it now takes only ten days on average to process an ITR. This is a remarkable improvement compared to the 82-day processing time in the Assessment Year 2019-20 and the 16-day processing time in the Assessment Year 2022-23.
The Income Tax Department has reaffirmed its dedication to swiftly and efficiently processing ITRs for the benefit of taxpayers. As per the Department's statement, out of the 6 crore 98 lakh ITRs filed for the Assessment Year 2023-24, a substantial 6 crore 84 lakh ITRs have already undergone the verification process.
The Department has provided an update stating that over 2.45 crore refunds have been disbursed for the Assessment Year 2023-24. Furthermore, the Income Tax Department has highlighted that there are instances where ITRs have been processed and refund amounts have been determined, but the Department faces challenges in issuing these refunds.
This issue arises because taxpayers have not yet verified their designated bank accounts for the refund transfer. In response, the Department is urging taxpayers to promptly validate their bank account information through the e-filing portal to facilitate the timely disbursement of refunds.