Over 88% of Verified ITRs Processed, 2.45 Crore Refunds Issued for AY 2023-24

New Delhi: The Income Tax Department is dedicated to efficiently and promptly process the Income Tax Returns (ITRs). As of 05.09.2023, a total of 6.98 crore ITRs for AY 2023-24 were filed, with 6.84 crore ITRs verified. Out of the verified ITRs, more than 6 crore ITRs for AY 2023-24 have been successfully processed as of 05.09.2023, which accounts for over 88% of the verified ITRs. Moreover, more than 2.45 crore refunds for AY 2023-24 have already been issued. This demonstrates the department’s commitment to efficiency, ensuring taxpayers’ needs are met with speed and effectiveness.

The Department’s continuous efforts to enhance taxpayer services are leading to seamless and prompt assistance. In pursuit of this objective, the average processing time for ITRs (after verification) has significantly reduced to 10 days for Returns filed for AY 2023-24, as compared to 82 days for AY 2019-20 and 16 days for AY 2022-23.

It is pertinent to state that the Department is not able to process the following categories of ITRs for want of certain information/action on the part of taxpayers:

1. 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. Taxpayers are urged to complete the verification process immediately.
2. There are about 12 lakh verified ITRs in which further information has been sought by the Department, for which requisite communication has been sent to the taxpayers through their registered e-filing accounts. Taxpayers are requested to respond to such communication expeditiously.

There have been instances where the ITRs have been processed and refunds have been determined, but the Department is currently unable to issue the refunds due to taxpayers not having yet validated their bank accounts where the refunds are to be credited. The department has reuested taxpayers are kindly requested to validate their bank accounts through the e-filing portal.

The Department is dedicated to ensuring the prompt processing and expedited issuance of refunds and appreciates the cooperation of the taxpayers.