income tax: CBDT processed 88% ITR, refunds over Rs 2.45 crore issued till September 5

The Income Tax Department has processed refunds of over Rs 2.45 lakh crore for 6.84 crore verified Income tax returns (ITRs), bringing down the average processing time to 10 days for the assessment year 2023-24.

Total 6.98 crore ITR were filed for the Assessment Year 2023-24.

“More than 6 crore ITRs of AY 2023-24 have been processed out of the verified ITRs as on September 5, resulting in processing of over 88% of the verified ITRs” Central Board of Direct Taxes (CBDT) said in a statement issued Tuesday.The average processing time of ITRs post verification was 82 days for AY 2019-20 and 16 days for AY 2022-23.

The department was not able to process the return in the case of about 14 lakh odd taxpayers as they were yet to verify their returns.

In case of about 12 lakh verified ITRs 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,” CBDT said.In many cases the Income tax department was unable to issue them as taxpayers have not yet validated their bank account in which the refund is to be credited.

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