ITR Processing Time: The tax season for the Evaluation 12 months 2024-25 is nearly closed. Many taxpayers are eagerly awaiting their earnings tax refunds. Nonetheless, some taxpayers have not obtained their refunds, or their ITR standing has been exhibiting as ‘underneath processing’ for a lot of days.
Notably, if ITR isn’t efficiently processed, the earnings tax refund won’t be credited to the checking account. It is very important word that over 7 crore Earnings Tax Returns (ITRs) had been filed by the July 31, 2024, deadline. By August 23, the Earnings Tax Division had processed 5.34 crore of those returns.
At present, greater than 2 crore verified ITRs stay unprocessed. A key issue contributing to this delay is the rise in ‘Faulty ITR’ notices issued by the tax division this 12 months.
After submitting an ITR, the Earnings Tax Division takes time to evaluation, confirm, and finalize your return. The processing time can differ primarily based on a number of components.
Issue 1: ITR 1 and ITR 4 usually take 5 to 10 days, or generally even only a few days, to course of. The processing is quicker if there are not any calls for or refunds concerned.
Issue 2: If there’s a demand or refund, processing ITR 1 and ITR 4 could take further time.
Issue 3: ITR 2 and ITR 3 usually take a median of 30 to 45 days to course of in the event that they contain prolonged varieties. Sometimes, processing happens between September and October.
Typically, the earnings tax division processed the refunds inside 20-45 days after e-verifying your Earnings Tax Return. For those who ship the acknowledgement bodily ITR-V kind, it takes longer. Additionally, taxpayers could obtain a discover after your ITR is processed, because the Earnings Tax Division points an intimation underneath Part 143(1).
How To Monitor Your ITR Processing Standing?
Step 1: Open the Earnings Tax Division’s e-filing portal.
Step 2: Log in utilizing your credentials (PAN and password).
Step 3: Navigate to the “e-File” part.
Step 4: Choose “Earnings Tax Returns” after which “View Filed Returns.”
Step 5: Click on on “Processing Standing” to view the present stage of your ITR.
Therefore, the portal will show the present processing stage of your ITR.
 were filed by the July 31, 2024, deadline. By August 23, the Income Tax Department had processed 5.34 crore of these returns.){kind=link}