70.9 million returns filed till Sept 23: I-T Dept

financialexpress.com:

A total of 70.9 million income tax returns (ITR) have been filed for the income earned in FY23 (assessment year FY24). Of these, 69.6 million  ITRs have been verified, of which 64.6 million returns have been processed as on date (September 23), including 27.5 million refund returns, the Income Tax department said in a post on X.

“However, there are a few cases in which refunds are due to the taxpayer, but previous demands are outstanding,” the department said on Saturday. “Accordingly, taxpayers with existing demand(s) in the previous years are being intimated of the same.”

As per section 245(1) of Income-tax Act, 1961, taxpayers have an opportunity to make a representation before adjusting the refund against an existing demand. The taxpayer is required to agree, disagree or clarify the status of the demand.

“Taxpayers are requested to avail this opportunity and respond to such intimations to enable cleaning up/reconciliation of pending demands and facilitate timely issue of refunds,” the IT department said.