ITR processing time reduced to 10 days but your Income Tax Refund may be stuck. Here’s why
The average ITR processing time for returns filed for AY 2023-24 has been reduced to 10 days compared to 82 days for AY 2029-20 and 16 days for AY 2022-23, according to the Central Board of Direct Taxes (CBDT).
Till September 5, 2023, the Income Tax Department has processed more than 6 crore ITRs for AY 2023-24. Over 6.94 crore ITRs were filed, out of which which 6.84 crore ITRs have been verified by taxpayers.
“The Department’s efforts to provide seamless and expeditious taxpayer services are being continuously strengthened. In line with the same, average processing time of ITRs (after verification) has been reduced to 10 days for Returns filed for AY 2023-24 compared to 82 days for AY 2019-20 and 16 days for AY 2022-23,” CBDT said in a statement.
Returns not verified
According to CBDT, there are about 14 lakh ITRs for AY 2023-24 which have been filed but are yet to be verified by the taxpayers as on 04.09.2023.
“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,” the CBDT said while urging taxpayers to complete the verification process immediately.
Further, there are about 12 lakh verified ITRs in which more information has been sought by the Department, for which requisite communication has been sent to the taxpayers through their registered e-filing accounts. The Income Tax Department has urged taxpayers to respond to such communication expeditiously.
Refund not issued: Reason
The CBDT said that there are several cases in which ITRs have been processed and refunds have also been determined but the Department is unable to issue them as taxpayers have not yet validated their bank account in which the refund is to be credited.
“Taxpayers are requested to validate their bank accounts through the e-filing portal,” the tax department said.