Business News | Over 6 Crore Returns Processed, Additional Info Sought from 12 Lakh Taxpayers: CBDT
Get latest articles and stories on Business at LatestLY. The Income Tax Department has so far processed more than 6 crore tax returns for the assessment year 2023-24 out of the 6.84 crore that it has verified
New Delhi [India], September 5 (ANI): The Income Tax Department has so far processed more than 6 crore tax returns for the assessment year 2023-24 out of the 6.84 crore that it has verified.
As of today, 6.98 crore ITRs have been filed, the Central Board of Direct Taxes (CBDT) said in an update on Tuesday.
More than 2.45 crore refunds have already been issued, it noted, adding it was committed to processing the remaining Income Tax returns in a speedy and efficient manner.
“The Department’s efforts to provide seamless and expeditious taxpayer services are being continuously strengthened,” it said, claiming that the average processing time of a tax filed -- after the verification process is over -- has been reduced to 10 days for to 82 days in 2019-20 and 16 days in 2022-23.
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The Income Tax Department also said there are about 12 lakh verified ITRs in which further information has been sought and requisite communication has been sent to the taxpayers.
Taxpayers have been requested to respond to such communication expeditiously.
“There are several cases in which the ITRs have been processed and refunds have also been determined but the Department is unable to issue them as taxpayers have not yet validated their bank account in which the refund is to be credited. Taxpayers are requested to validate their bank accounts through the e-filing portal,” the tax authority said. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)