88% of the verified ITRs for AY 2023-24 processed as on 05.09.2023:

88% of the verified ITRs for AY 2023-24 processed as on 05.09.2023 The Income Tax Department is committed to process the Income Tax Returns (ITRs) in a speedy and efficient manner. As on 05.09.2023, 6.98 crore ITRs for AY 2023-24 were filed, out of which 6.84 crore ITRs have been verified. More than 6 crore ITRs of AY 2023-24 have been processed out of the verified ITRs as on 05.09.2023, resulting in processing of over 88% of the verified ITRs. More than 2.45 crore refunds for AY 2023-24 have already been issued The Department's efforts to deliver seamless and timely taxpayer services are constantly bolstered. In keeping with this, the average processing time of ITRs (after verification) has been decreased to 10 days for returns submitted in AY 2023-24, compared to 82 days for returns filed in AY 2019-20 and 16 days for returns filed in AY 2022-23. It is pertinent to state that the Department is not able to process the following categories of ITRs for want of certain information/action on the part of taxpayers: There are about 14 lakh ITRs for AY 2023-24 which have been filed but are yet to be verified by the taxpayers as on 04.09.2023. Failure to verify the Returns causes delays in processing as the Return can only be taken up for processing once the verification has been completed by the taxpayer. Taxpayers are urged to complete the verification process immediately. There are about 12 lakh verified ITRs in which further information has been sought by the Department, for which requisite communication has been sent to the taxpayers through their registered e-filing accounts. Taxpayers are requested to respond to such communication expeditiously. In a few cases, ITRs have been completed and refunds have been calculated, but the Department is unable to distribute them because taxpayers have not yet confirmed the bank account to which the refund is to be credited. Taxpayers must authenticate their bank accounts using the e-filing site. The Department is dedicated to the prompt processing and issuance of refunds and solicits taxpayer cooperation.