The Central Board of Direct Taxes (CBDT) said that in line with the continuous reforms, the average processing time of income tax returns after verification for returns filed for assessment year 2023-24 has been reduced to 10 days.
New Delhi. There is relief news for taxpayers. After verification of returns filed for the financial year 2023-24, the average processing time of Income Tax Return (ITR) has been reduced to 10 days. Let us tell you that the average processing time was 16 days in the financial year 2022-23 and 82 days in the financial year 2019-20.
Recently, the Central Board of Direct Taxes (CBDT) said in a statement that after verification by the taxpayers, the average time taken to process the income tax return has been reduced to 10 days. CBDT said that the Income Tax Department is being continuously updated to provide uninterrupted and instant tax service.
What did CBDT say?
CBDT said that as per the continuous reforms, the average processing time of ITR has been reduced to 10 days for the assessment year 2023-24. Earlier in the year 2019-20 it was 82 days. Whereas in the year 2022 it was of 16 days.
6.98 crore ITRs have been filed so far
Till September 5, 6.98 crore income tax returns were filed for assessment year 2023-24, of which 6.84 crore have been verified. Till September 5, more than 6 crore tax returns for assessment year 2023-24 have been verified out of the verified ITRs, due to which more than 88 percent of the verified returns have been processed. According to the statement, more than 2.45 crore refunds have already been issued for the current assessment year.