Central Board of Direct Taxes vide press release dated 5th September, 2023 has issued instructions for speedy processing of Income Tax Returns. Average processing time of ITRs (after verification) has been reduced to 10 days for Returns filed for AY 2023-24 compared to 82 days for AY 2019-20 and 16 days for AY 2022-23.
There are several cases in which the ITRs have been processed and refunds have also been determined but the Department is unable to issue them as taxpayers have not yet validated their bank account in which the refund is to be credited.
Taxpayers are requested to validate their bank accounts through the e-filing portal.
