Taxpayers Alert: ITR Processing Time Slashed to 10 Days from 93 Days

By: Admin
Date: August 14, 2024
Category: Income Tax News | News
Read Time: 4 Minutes

Finance Minister Nirmala Sitharaman announced a significant reduction in the average processing time for income tax returns (ITR), which has decreased from 93 days in 2013 to just 10 days. However, this does not mean that all ITRs will be processed within 10 days. The complexity of the ITR form plays a crucial role in determining the processing time.

Key Improvements Leading to Faster Processing:

  1. Aadhaar-Based Verification: The introduction of Aadhaar-based e-verification allows instant return verification, eliminating the need for sending physical acknowledgment copies.
  2. New Tax Filing Portal: Launched in 2021, the user-friendly tax e-filing portal has streamlined tax filing, grievance redressal, and request submissions.
  3. Automation and Digitisation: Increased automation and digitisation have reduced errors, contributing to faster processing times.
  4. Centralised Processing: Enhanced centralised processing and integration of automated systems have made the entire process quicker and more efficient.

#IncomeTax #ITRProcessing #TaxRefund #FinanceMinister #TaxFiling #TaxAutomation

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