Almost 7 crore income tax returns filed till Sep 5, says govt

As many as 6.98 crore income tax returns (ITRs) have been filed till September 5, out of which 6.84 ITRs have been verified for the evaluation yr 2023-24, the federal government mentioned on Tuesday.

More than six crore ITRs of evaluation yr (AY) 2023-24 have been processed out of the verified ITRs as on September 5, the Income Tax Department mentioned, informing that this resulted within the processing of over 88 per cent of the verified ITRs.

More than 2.45 crore refunds for evaluation yr 2023-24 have already been issued, it mentioned.

The division’s efforts to supply seamless and expeditious taxpayer companies are being constantly strengthened. In line with the identical, common processing time of ITRs (after verification) has been diminished to 10 days for returns filed for AY 2023-24 in comparison with 82 days for AY 2019-20 and 16 days for AY 2022-23, official sources mentioned.

There are about 14 lakh ITRs for AY 2023-24, which have been filed however are but to be verified by the taxpayers as on September 4.

Failure to confirm the returns causes delays in processing because the Return can solely be taken up for processing as soon as the verification has been accomplished by the taxpayer. Taxpayers are urged to finish the verification course of instantly.

There are about 12 lakh verified ITRs during which additional info has been sought by the income tax division, for which requisite communication has been despatched to the taxpayers by way of their registered e-filing accounts.

The division additional mentioned that there are a number of circumstances during which the ITRs have been processed and refunds have additionally been decided however it’s unable to subject them as taxpayers haven’t but validated their checking account during which the refund is to be credited.

Taxpayers are requested to validate their financial institution accounts by way of the e-filing portal, the I-T division mentioned.

(With inputs from IANS)