This update applies to you if you this time also submitted an ITR (Income Tax Return). The Central Board of Direct Taxes (CBDT) reported that for the income received during the fiscal year 2022–23, more than 6.98 crore income tax returns were filed. More than six crore of these have been handled. The chief authority on income tax and corporation tax, CBDT, stated in a statement that the department’s inability to process some income tax returns (ITR) is due to the taxpayer’s failure to provide certain information or failure to take the appropriate actions.
Unverified returns totaling 14 lakh
About 14 lakh of the total ITRs submitted for the fiscal year 2022–2023 have not yet been validated by the taxpayers, according to CBDT. The administration has also asked 12 lakh taxpayers for further details about their income. They have been told about the e-filing accounts in this regard. Some people who filed ITRs did not confirm their bank accounts.
A total of 6.98 crore ITRs had been deposited
as of September 5 for the tax assessment year 2023–24, according to the CBDT. 6.84 crore of these returns have undergone verification. 88 percent of the total verified returns, or more than six crore ITRs, have been processed. More than 2.45 crore return depositors have received refunds from the Income Tax Department. The income tax return needs to be verified after submission. The Income Tax Department processes that return only after this.
ITR processing took 82 days in the 2019–20
fiscal year and 16 days in the 2022–23 fiscal year. For the assessment year 2023–2024, this period has been shortened to 10 days. The Income Tax Department is prepared to handle ITRs quickly and effectively, according to the CBDT. The processing of the 14 lakh returns that have not yet been verified is delayed, according to the CBDT. Additionally, taxpayers were instructed to finish the verification process very early.
Read More: If you take a Home Loan for house, still have to pay tax after selling it!
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. The Central Board of Direct Taxes (CBDT) reported){kind=link}