“CBDT Achieves Remarkable Reduction in Income Tax Return Processing Time to 10 Days for AY 2023-24”
In a significant development, the Central Board of Direct Taxes (CBDT) has successfully slashed the average processing time for income tax returns (ITRs) to a mere 10 days. This substantial improvement comes as a testament to the CBDT’s dedication to providing taxpayers with seamless and expedited services.
Reduced Processing Time: AY 2023-24 vs. Previous Years:
For the assessment year (AY) 2023-24, the average time taken to process ITRs after verification by the taxpayer has been drastically reduced to just 10 days. This marks a remarkable transformation compared to the processing times of previous years:
- AY 2019-20: 82 days
- AY 2022-23: 16 days
The CBDT underscores its unwavering commitment to swiftly and efficiently processing income tax returns to ensure a hassle-free experience for taxpayers.
AY 2023-24 Statistics:
As of September 5, 2023:
- Total ITRs filed: 6.98 crore
- Verified ITRs: 6.84 crore
- Processed ITRs: Over 6 crore (representing over 88% of verified returns)
- Refunds issued: More than 2.45 crore
Action Needed from Taxpayers:
While significant progress has been made, there are certain cases where the tax department is unable to proceed with the processing of ITRs due to various reasons:
- Unverified ITRs: Approximately 14 lakh ITRs for AY 2023-24 are yet to be verified by taxpayers as of Monday. Timely verification is crucial to initiate the processing of returns.
- Further Information Required: Roughly 12 lakh verified ITRs necessitate additional information, as requested by the tax department. Taxpayers are urged to respond promptly to these requests.
- Bank Account Validation: In several cases, ITRs have been processed, and refund amounts have been determined. However, the department cannot issue refunds because taxpayers have not validated their bank account details. Taxpayers are encouraged to validate their bank account information through the e-filing portal.
The CBDT remains steadfast in its commitment to expedite the processing of returns and the prompt issuance of refunds. The cooperation of taxpayers is pivotal in achieving these goals.
For any further assistance or clarification, taxpayers are encouraged to reach out to the tax department.