More than 6.98 crore income tax returns have been filed for income earned in the financial year 2022-23. Out of these, more than six crore have also been processed. CBDT, the apex body related to Income Tax and Corporate Tax, said that in the case of some Income Tax Returns (ITR), the department is not able to process them due to non-providing of some information by the taxpayers or not taking necessary steps.
According to the CBDT, out of the total ITR filed for FY 2022-23, about 14 lakh returns are yet to be verified by the taxpayers. Apart from this, the department has sought additional information related to income from 12 lakh taxpayers. In this regard, he has been informed about the e-filing accounts.
Also some ITR filers have not yet verified their bank accounts. CBDT informed that a total of 6.98 crore ITRs have been submitted till September 5 in the tax assessment year 2023-24, out of which 6.84 crore returns have been verified. Over six crore ITRs ie 88% of the total verified returns have been processed.
The Income Tax Department has issued refunds to over 2.45 crore return filers. After submitting the income tax return, it is necessary to verify it. Only after that the Income Tax Department process that return and settles the refund claims.
The average time taken to process ITR was 82 days in AY 2019-20 and 16 days in AY 2022-23. This time has been reduced to 10 days for AY 2023-24.