CBDT: The average Processing Time of Income Tax Refund Is Slashed to 10 Days
The Income Tax Department is dedicated to swiftly and efficiently processing Income Tax Returns (ITRs) for taxpayers. For the Assessment Year 2023-24, a total of 6.98 crore ITRs were filed, out of which 6.84 crore ITRs have been verified.
CBDT: The average Processing Time of Income Tax Refund Is Slashed to 10 Days
The income tax department has reduced the time to process the income tax refund to 10 days in the AY (Assessment Year 2022-23). Earlier the average time for processing tax returns was around 82 days in the AY 2019-20 and 16 days for the AY 2021-22.
"The Income Tax Department is dedicated to swiftly and efficiently processing Income Tax Returns (ITRs) for taxpayers. For the Assessment Year 2023-24, a total of 6.98 crore ITRs were filed, out of which 6.84 crore ITRs have been verified.
Furthermore, the Department has already issued over 2.45 crore refunds for the Assessment Year 2023-24. However, there are cases where ITRs have been processed, and refunds determined, but not yet issued.
This delay is because taxpayers haven't validated their bank accounts for the refund to be credited. The Department strongly encourages taxpayers to validate their bank accounts through the e-filing portal to facilitate the refund process.
How to check tax refund status?
Firstly, visit the Income Tax Department’s (https://www.incometax.gov.in/iec/foportal) website.
Secondly, log in with your PAN details and user ID.
Then Go to the option ‘My Account option and go to 'Refund/Demand Status.
After this, select ITR and click on your acknowledgment, number https://www.incometax.gov.in/iec/foportal
Lastly, you will be redirected to a new web page with all your tax details, along with your refund status.
Also Read: Finance Minister Sitharaman Urges GSTN and Income Tax Portal to Enhance System Capabilities
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Krishna Gopal Varshney
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