Income Tax Return processing AY 2023-24: When will you get refunds?
Income Tax Return (ITR) processing AY 2023-24: More than 1.32 crore taxpayers have filed their Income tax Returns (ITRs) for Assessment Year (AY) 2023-24 till July 2, according to data on the Income Tax website.
Of the total ITRs, over 1.25 crore returns have been verified by taxpayers. But to the surprise of many tax filers, only 3973 ITRs have been processed by the Income Tax Department till July 2.
As taxpayers wait for faster process and return of refunds, tax experts say it is difficult to predict the time by when refunds will be processed this year.
According to Dr Suresh Surana, founder of RSM India, a tax consultancy firm, Income Tax Department is taking its time to prepare the ITR filing system for the heavy rush expected in the next few weeks till July 31, which is also the due date of filing returns for a majority of taxpayers in the country.
Also Read: Why senior citizens having only Fixed Deposit income should file ITR for AY 2023-24
Dr Surana recently told FE PF Desk that the ITR processing system has become very fast in the last few years and taxpayers should not worry about refunds and processing time as of now.
Archit Gupta, CEO of Clear, said early filers usually get their refunds early. Therefore, it is always better to file returns early, not only for faster processing of refund but also to avoid the last-minute rush.
During the last few days before the due date, processing takes more time due to the heavy rush, according to Gupta.
“It is difficult to predict how much time a refund can be processed, however, people have received refunds within a week to 10 days of filing their ITR in the last year. Usually, people who file early receive refunds early, towards the last days of July there is a heavy
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