Average Processing time of Income Tax Returns (ITR) reduced to 10 days
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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.
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The Central Board of Direct Taxes (CBDT) has notified Income-tax Return Form 2 and 3 for the Assessment Year 2024-25. Rule 12 has been amended to allow individuals and HUF, who are liable to tax audit under section 44AB, to verify return of income through electronic verification code. The Central Board of Direct Taxes (CBDT) has notified the income tax return (ITR) forms, ITR-2 and ITR-3. Many entities, including individuals, who have certain specific types of income are required to file thei...
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The Income Tax Department has processed refunds of over Rs 2.45 crore for 6.84 crore verified Income tax returns (ITRs), bringing down the average processing time to 10 days for the assessment year 2023-24 “The department’s efforts to provide seamless and expeditious taxpayer services are being continuously strengthened. In line with the same, the average processing time of ITRs (after verification) has been reduced to 10 days for Returns filed for AY 2023-24 compared to 82 days f...
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