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
FILING YOUR INCOME TAX RETURN F.Y 2022-23 (A.Y. 2023-2024) WITH MYITRONLINE
Income tax filing deadline is right around the corner. If you haven’t filed yet, do it now for FREE on Myitronline! Avoid last minute rush and file your tax return today on MYITRONLINE in Just 5 mins.(www.myitronline.com)
If you are looking for eCA assistance to file your income tax return/ GST, you can opt for MYITRONLINE eCA assisted plan starting
Upload Salary Individual Form-16
If you have any questions with filing your tax return, please reply to this mail. info@myitronline.com OR call 9971055886.
Note-All the aforementioned information in the article is taken from authentic resources and has been published after moderation. Any change in the information other than fact must be believed as a human error. For queries mail us at marketing@myitronline.com
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.
Leave a reply
Your email address will not be published. Required fields are marked *Share this article
News Offers
Related Post
