Why Your Verified Income Tax Return Has Not Been Processed Yet: These Can Be Common Causes
Are you wondering about the reasons for not getting processed your tax returns even after verification? No worry! This blog will answer you why. Read on
Why Your Verified Income Tax Return Has Not Been Processed Yet: These Can Be Common Causes
The deadline for submitting an income tax return (ITR) has already passed. However, some taxpayers might still be in the process of having their returns processed, which includes waiting for their refunds to be handled.
The various stages of the tax return process involve submitting the return, verifying it, and then proceeding with the return's processing. Once this process is completed, taxpayers will be able to view the "processing completion" notification on the tax filing portal (as illustrated in the image below).
The income tax department recently shared data indicating that the time it takes to process tax returns has decreased over the past few years. In the assessment year 2019-20, it typically took 82 days to process a return. In 2022-23, this time was reduced to 16 days, and it has further dropped to only 10 days in the assessment year 2023-24.
Given these improvements, it's possible that you have already submitted your income tax return before the July 31 deadline, but it has not been verified yet. There can be multiple reasons for this delay.
One common reason for the delay in verifying your income tax return is a mismatch between the income you declared in your return and what's recorded in Form 26AS or AIS (annual information statement).
For example, if you stated your income as 'X,' but your documents, like AIS, state it as 'Y,' this mismatch can lead to a query from the income tax department. If you can provide valid reasons for the difference, your return will proceed for processing.
However, if you can not justify the discrepancy, the department will likely request you to pay the outstanding income tax. Until this payment is made, your case will be labeled as 'return filed but not processed.
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Krishna Gopal Varshney
An editor at MyitronlinenewsKrishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.