ITR Refund Update: More than 2.45 crore Refunds Issued

In a press release dated September 5, 2023, the Central Board of Direct Taxes (CBDT) has affirmed its dedication to expeditiously handling income tax returns in an efficient manner. According to the press release, as on 05.09.2023 6.98 crore ITRs for Assessment Year (A.Y.) 2023-24 were filed, out of which 6.84 crore ITRs have been verified.

As of September 5, 2023, over 6 crore Income Tax Returns (ITRs) for the Assessment Year 2023-24 have been successfully processed from the pool of verified ITRs. Additionally, more than 2.45 crores  refunds for the Assessment Year 2023-24 have already been disbursed.

The Department is consistently enhancing its endeavours to offer efficient and smooth services to taxpayers. As part of this initiative, the average processing time for Income Tax Returns (ITRs) after verification has been shortened to 10 days for the Assessment Year 2023-24, which represents a significant improvement compared to 82 days for the Assessment Year 2019-20 and 16 days for the Assessment Year 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.

Numerous instances exist where Income Tax Returns (ITRs) have undergone processing, and refunds have been calculated. However, the Department faces challenges in releasing these refunds because taxpayers have not yet confirmed their designated bank accounts for the refund transfer. Taxpayers are urged to validate their bank account details using the e-filing portal.

Read More: ITR Refund Update: CBDT advises to check Bank Account Validation Status

Also read: Refund Scam: Govt warns Taxpayers not to Fall for Fake Income Tax Refund Message; Could be a Scam

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