New Delhi: According to the Income Tax Department, now the time taken to issue tax refund has reduced to around 10 days.
CBDT has said that out of the ITRs filed for the financial year 2022-23, 6.84 crore ITRs have been verified and refunds have also been issued to about 3 crore taxpayers.
According to the Central Board of Direct Taxes (CBDT), the average processing time (ITR Processing Time) of income tax returns after verification has been reduced to 10 days for returns filed in the financial year 2023-24.
The average processing time was 16 days in the financial year 2022-23 and 82 days in the financial year 2019-20. Whereas, before that it used to take about 120 days for tax refund to be issued.
Income tax department is using AI and machine learning
The Income Tax Department is using modern technologies like AI technology and machine learning to expedite tax related work and speed up ITR processing. Last month, the Income Tax Department has also redesigned and re-launched its website, in which features and links for tax related tasks have been prominently displayed, which has made it much easier for the customers.
More than 88% verified ITRs processed
According to CBDT, till September 5, 2023, 6.98 crore ITRs were filed for the assessment year 2023-24, out of which 6.84 crore ITRs have been verified. Out of these verified ITRs, more than 6 crore ITRs have been processed, resulting in more than 88% verified ITRs processed. Refunds of more than 2.45 crore have already been issued for the assessment year 2023-24. However, the Income Tax Department has still not completed the processing of many ITRs, which will be completed soon.