Income Tax Return Update: If you have also filed ITR (Income Tax Return) this time, then this update is related to you. It was told by the Central Board of Direct Taxes (CBDT) that more than Rs 6.98 crore income tax returns were filed for the income earned in the financial year 2022-23.
Out of these, more than six crore have been processed. 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 some information by the taxpayer or not taking necessary steps. .
14 lakh returns not yet verified
According to CBDT, out of the total ITR filed for the financial year 2022-23, about 14 lakh returns have not yet been 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 informed about the e-filing accounts. Some ITR filers have not verified their bank accounts.
6.98 crore ITRs were deposited,
CBDT said, ‘A total of 6.98 crore ITRs have been deposited till September 5 in the tax assessment year 2023-24. Of these, 6.84 crore returns have been verified. More than six crore ITRs i.e. 88 percent of the total verified returns have been processed. The Income Tax Department has issued refunds to more than 2.45 crore return depositors. 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. This time has been reduced to 10 days for the assessment year 2023-24. CBDT said, ‘The Income Tax Department is ready to process ITR in a quick and efficient manner.’ Regarding the 14 lakh returns that have not yet been verified, the CBDT said that non-verification of returns delays processing. Taxpayers were also told to complete the verification process immediately.
