Income Tax Return: Big update on ITR filers, CBDT released information about your work
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income tax refund
Income Tax Return Update: If you have also filed ITR (Income Tax Return) this time, then this update is for you. It was informed by the Central Board of Direct Taxes (CBDT) that income tax returns of over Rs 6.98 crore were filed for the income earned in the financial year 2022-23.
Action has been taken on more than six crore of these. 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 able to process them due to non-provision of certain information by the taxpayer. Not taking necessary steps. ,
14 lakh returns not yet verified
According to the CBDT, out of the total ITRs filed for the financial year 2022-23, around 14 lakh returns are yet to be verified by the taxpayers. Apart from this, the department has sought additional information related to income from 12 lakh taxpayers. In this regard, they have been given information about e-filing accounts. Some ITR filers have not verified their bank accounts.
6.98 crore ITR deposited
CBDT said, ‘A total of 6.98 crore ITRs have been submitted till September 5 in the assessment year 2023-24. Out of these, 6.84 crore returns have been verified. Over six crore ITRs ie 88 per cent of the total verified returns have been processed. The Income Tax Department has issued refunds to over 2.45 crore return filers. After submitting the income tax return, its verification is necessary. Only after this the Income Tax Department processes that return.
The processing time for ITR was 82 days in AY 2019-20 and 16 days in AY 2022-23. For the assessment year 2023-24, this time has been reduced to 10 days. The CBDT said, ‘The Income Tax Department is geared up to process ITRs in a quick and efficient manner.’ Regarding the 14 lakh returns that have not been verified so far, the CBDT said that non-verification of returns leads to delay in processing. Taxpayers were also asked to complete the verification process immediately.
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