Income Tax Returns replace: The common time taken to course of revenue tax returns has come down considerably to simply 10 days now. The Central Board of Direct Taxes (CBDT) in a press release on Tuesday stated that the post-verification course of by the taxpayer has been simplified and made sooner. According to stories, the CBDT stated that the efforts being made by the Income Tax Department are being constantly strengthened. As many as 6.98 crore tax returns have been filed for revenue earned in 2022-23 fiscal and out of them, greater than 6 crore filings have been processed, the CBDT stated on Tuesday.
Big change in common processing time
According to the information, CBDT stated that the typical processing time of revenue tax returns after verification for returns filed for Assessment Year (AY) 2023-24 is simply 10 days. While in AY 2019-20 it was 82 days and in AY 2022 it was 16 days. According to stories, the Central Board of Direct Taxes stated that the Income Tax Department is dedicated to processing tax returns (ITR) immediately and environment friendly method.
ITR submitting accelerated
There has additionally been an enormous enhance in ITR submitting. According to CBDT knowledge, until 5 September 2023, 6.98 crore ITRs had been filed for the evaluation 12 months (Assessment Year) 2023-24. Of these, verification of Rs 6.84 crore has been carried out. Till September 5, greater than 6 crore tax returns for the evaluation 12 months 2023-24 have been processed. This is the rationale that greater than 88 p.c revenue tax returns have been processed. Over 2.45 crore refunds have already been issued for the present evaluation 12 months.
Not ready to course of a number of ITRs
According to the information, the division isn’t ready to course of sure varieties of ITRs due to lack of sure data or motion from taxpayers. Nearly 14 lakh ITRs for evaluation 12 months 2023-24 are but to be verified by taxpayers as of Monday. There are about 12 lakh verified ITRs about which the division has sought extra data. CBDT has requested taxpayers to reply promptly to such communications.
