IT Refund: CBDT said in a statement that in some Income Tax Returns (ITR) cases, the department is not able to process them due to non-providing of some information by taxpayers or not taking necessary steps.
IT Refund: The Central Board of Direct Taxes (CBDT) said that more than 6.98 crore income tax returns have been filed for income earned in the financial year 2022-23, out of which more than 6 crore have been processed. . CBDT, the apex body related to Income Tax and Corporate Tax, said in a statement that in the case of some Income Tax Returns (ITR) the department is not processing them due to non-providing of some information by the taxpayers or not taking necessary steps. able to do
According to the CBDT, out of the total ITR filed for the financial year 2022-23, taxpayers have not yet verified about 14 lakh returns. Apart from this, the department has sought additional information related to income from 12 lakh taxpayers and in this regard they have been informed about the e-filing accounts. Along with this, some ITR depositors have not yet verified their bank accounts.
CBDT said, in the tax assessment year 2023-24 till September 5, a total of 6.98 crore ITRs (ITR) have been submitted, out of which 6.84 crore returns are verified. More than 6 crore ITRs i.e. 88% of the total verified returns have been processed.
Refunds issued to more than 2.45 crore depositors
The Income Tax Department has issued refunds to more than 2.45 crore return depositors. After submitting the Income Tax Return (ITR), it is necessary to verify it. Only after that the IT department processes that return and settles the refund claims.
The average time taken for processing ITR was 82 days in AY 2019-20 and 16 days in AY 2022-23. This time has been reduced to 10 days for assessment year 2023-24.
CBDT said, the Income Tax Department is committed to process ITR in a quick and efficient manner. In the context of 14 lakh returns that have not been verified yet, CBDT said that non-verification of returns leads to delay in processing. He also urged the taxpayers to complete the verification process immediately.
Verify bank account
Along with this, CBDT has also asked 12 lakh taxpayers from whom additional information has been sought to take prompt action. One of the major reasons for this is that the taxpayers have not verified their bank account itself. CBDT said that due to non-verification of bank account, it is unable to send even approved refunds. CBDT requested taxpayers to verify their bank accounts through e-filing portal for refund.
