CBDT released tax data! Time taken to issue tax refund reduced to 10 days

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ITR filing
New Delhi: According to the Income Tax Department, now the time taken to issue tax refund has come down to about 10 days.

CBDT has said that out of the ITRs filed for the financial year 2022-23, 6.84 crore ITRs have been verified and refunds have also been issued to about 3 crore taxpayers.

According to the Central Board of Direct Taxes (CBDT), the average processing time of income tax returns (ITR processing time) after verification has been reduced to 10 days for returns filed in the financial year 2023-24.

The average processing time was 16 days in FY 2022-23 and 82 days in FY 2019-20. Whereas, earlier it used to take about 120 days for the tax refund to be issued.

Income Tax Department is using AI and Machine Learning

The Income Tax Department is using modern technologies like AI technology and machine learning to expedite tax related tasks and speed up ITR processing. Last month, the Income Tax Department has also redesigned and launched its website, which has prominently displayed features and links to tax-related functions, making it much easier for customers.

More than 88% verified ITRs processed

According to CBDT, 6.98 crore ITRs have been filed for the assessment year 2023-24 till 5 September 2023, out of which 6.84 crore ITRs have been verified. Out of these verified ITRs, more than 6 crore ITRs have been processed, resulting in processing of more than 88% verified ITRs. Refunds of over 2.45 crore have already been issued for the assessment year 2023-24. However, the Income Tax Department has still not completed the processing of many ITRs, which will be completed soon.

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