Tax refund of more than Rs 2.45 crore issued
The Central Board of Direct Taxes (CBDT) has announced a change in the Income Tax Returns (ITRs) for the assessment Year (AY) 2023-24. As per the announcement by the Ministry of Finance (MoF) on September 5, 2023, the processing time for ITRs has undergone a major rework, declined to a mere 10 days. This is a striking improvement compared to the challenging 82 days endured in AY 2019-20 and the relatively speedy 16 days required for AY 2022-23. You can get your Income Tax Refund from the official website of Income Tax Department.
In the fiscal year 2023-24, the Income Tax Department has already provided over 2.45 crore refunds, signaling a substantial boost in productivity. However, despite this commendable progress, a significant number of taxpayers are still in the queue, eagerly awaiting their refunds.
Income Tax refund of more than Rs 2.45 crore issued
The MoF disclosed that the Income Tax Department has successfully verified 6.84 crore ITRs out of the 6.98 crore filed for AY 2023-24. Impressively, over six crores of these verified ITRs have undergone processing, constituting more than 88 percent of the verified ITRs. Nevertheless, the department faces strong challenges in processing specific categories of ITRs due to a lack of essential information or the delayed actions of taxpayers. As of September 4, 2023, approximately 14 lakh ITRs for AY 2023-24 remain unverified by taxpayers, significantly impeding the processing pipeline.
In certain cases, ITRs have been carefully processed, and refunds have been determined. Taxpayers are strongly urged to validate their bank accounts through the e-filing portal to facilitate the timely withdrawal of their refunds.
Income Tax Refund Status
The deadline for filing ITRs without incurring penalties for the financial year 2022-23 expired on July 31, 2023, leaving taxpayers eagerly anticipating their refunds. Refunds are disbursed either Online , with direct credits to the account, or through refund cheques, based on the selection made by the assessed during their annual ITR filing.
Taxpayers are advised to regularly check their designated email accounts and messages for any communication from the Income Tax Department, promptly responding when necessary. On successful e-verification of Income Tax Return, one can avail the refund easily.
However, in cases where the ITR status indicates an expired refund, it signifies that the refund has not been presented for payment within the 90-day validity period. In such instances, taxpayers can raise a refund re-issue request.
In conclusion, the Central Board of Direct Taxes (CBDT) has released an update highlighting the progress made by the Income Tax Department. They have efficiently processed more than 6 crore tax returns out of the 6.84 crore that have been thoroughly verified thus far for the assessment year 2023-24. As of September 5, 2023, a grand total of 6.98 crore ITRs have been dutifully filed, surpassing the count of 6.77 crore ITRs filed until July 31.
