Income Tax Return: Out of the 72,260,351 income tax returns verified for the financial year 2023-24 and assessment year 2024-25, only about 79 percent of the verified ITRs have been processed till 26 August 2024. There are about 21 percent such income tax returns which have not been processed yet. Taxpayers whose income tax returns have not been processed are holding their breath.
According to the data of the Income Tax Department, 74,528,432 income tax returns were filed for the 2024-25 assessment year, out of which only 72,260,351 income tax returns were verified. Out of these 72,260,351 income tax returns, 57,160,088 verified income tax returns have been processed, which is about 79 percent of the verified returns. But right now, there are 15,100,263 taxpayers who are awaiting processing of their income tax returns, which is 21 percent of the verified returns. 
In such a situation, there are many taxpayers among these 21 percent who are waiting for tax refund after processing of income tax return. July 31, 2024 was the last date for filing income tax return for assessment year 2024-25. And there were about 70 lakh (69.92 lakh) income tax returns which were filed on July 31, 2024 i.e. the last day of filing income tax return.
Responding to the Rajya Sabha’s discussion on the Finance Bill in the monsoon session of Parliament, Finance Minister Nirmala Sitharaman said in the House, the period of processing of Income Tax Return, which used to be 93 days in the financial year 2013-14, has been reduced to 10 days in 2023-24.
According to the data of Direct Tax Collection released by the Finance Ministry on August 11, 2024, taxpayers filing personal income tax returns are not getting refunds at the same pace as refunds are being issued to corporates. According to the data of direct tax collection till August 11, 2024, in the financial year 2024-25, while personal income tax collection of Rs 4,81,876 crore was done, only Rs 34,546 crore refund was issued to taxpayers. Whereas in the financial year 2023-24, personal income tax of Rs 3,91,828 crore was collected, in which refund of Rs 47,482 crore was issued. That is, during this period, Rs 12,936 crore or 27.24 percent less tax refund has been paid as compared to the last financial year, while 101 percent more refund has been issued on corporate tax.
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