ITR Refund Delayed? You May Fall Under These Two Categories As Per The Income Tax Department
The Income Tax Department may not process ITR refunds to people who fall under the following categories. Check the list below!
The Income Tax Department is committed to efficiently processing Income Tax Returns (ITR). In the 2023-24 assessment year, they received 6.98 crore ITRs, verified 6.84 crore, and processed over 6 crore. Additionally, they have already issued more than 2.45 crore refunds for AY 2023-24.
The department's efforts to improve taxpayer services have led to a significant reduction in the average processing time for verified ITRs, with it now taking only 10 days for AY 2023-24, compared to 82 days for AY 2019-20 and 16 days for AY 2022-23, as reported by the Central Board of Direct Taxes (CBDT).
IT Department Unable To Process ITR Refund For These Two Categories
The Income Tax Department is facing challenges in processing two types of Income Tax Returns (ITRs): one where verification is pending and the second where the department has requested additional information from the taxpayer and is awaiting their response.
According to the statement, there are 14 lakh ITRs for AY 2023-24 that have been filed but have not yet been verified by the taxpayers. Additionally, there are 12 lakh ITRs for which the Income Tax Department has requested additional information from taxpayers and is currently waiting for their response.
The Income Tax Department mentioned specific instances where refunds have been calculated, but they are unable to disburse them because taxpayers have not validated their bank account details. The press release urged taxpayers to validate their bank accounts through the e-filing portal to facilitate the refund process.
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