The Revenue Tax division on Tuesday mentioned a complete of 6.98 crore earnings tax returns (ITR) have been filed for the evaluation yr 2023-24, out of which 6.84 crore ITRs have been verified.
Out of those, six crore ITRs have been processed, thus amounting to 88 per cent of the verified returns, the ministry of finance quoted the I-T division within the assertion. It added that greater than 2.45 crore refunds for AY 2023-24 have already been issued.
Stating that the efforts for offering ‘seamless and expeditious’ taxpayer companies are being repeatedly strengthened, the earnings tax division mentioned the common processing time of the returns had been diminished to 10 days for returns filed for the present evaluation yr 2023-24 as in comparison with 82 days for AY 2019-20 and 16 days for AY 2022-23.
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The earnings tax division mentioned there are 14 lakh ITRs which have been filed however are awaiting verification by the taxpayers as on September 4. The division mentioned failure to confirm the ITRs leads to delays in processing because the return can solely be processed after the verification has been accomplished by the taxpayer.
The I-T division pointed to 12 lakh verified ITRs through which additional data had been sought by the division and for which communication has been despatched to the taxpayers by their registered e-filing accounts. “Taxpayers are requested to respond to such communication expeditiously”, the I-T division acknowledged.
The earnings tax division mentioned there have been ITRs which had been processed and refunds have additionally been decided. Nonetheless, the I-T division had been unable to challenge refunds as a result of the taxpayers haven’t but validated their checking account through which the refund is to be credited. Taxpayers are requested to validate their financial institution accounts by the e-filing portal, it added.
“The Department remains committed to speedy processing and expeditious issue of refunds and solicits the cooperation of the taxpayers”, the assertion learn.
