Income Tax: Returns verified however not processed but? This could possibly be the explanation

The final date to file an revenue tax return (ITR) is lengthy over. Plenty of taxpayers, nonetheless, should be ready for the processing of their returns, thereby, ready for his or her refunds to be processed.

Different phases of the submitting of tax return embody submitting of return, verification, adopted by processing of return. Once that is accomplished, taxpayers can see the ‘processing completion’ notification within the tax submitting portal (as proven within the picture beneath).

The revenue tax division not too long ago launched knowledge to indicate that the variety of days it took to course of the returns has shortened prior to now few years.

While it took on common 82 days to course of a return within the evaluation yr 2019-20; in 2022-23, it took 16 days, and it has additional diminished to 10 days within the evaluation yr 2023-24.

Year             Processing days2019-20        82 days2022-23         16 days2023-24      10 days

So, there could possibly be a case, and rightly so, the place you will have already filed your revenue tax return (earlier than the July 31 deadline) however is but not verified. For this, there could possibly be causes galore.

However, probably the most frequent causes is that the knowledge that you just submitted within the return doesn’t tally with that of kind 26AS or AIS (annual info assertion).

View Full Image

Tax return has been verified however not processed

This means when you will have declared your revenue to be ‘X’ quantity and your paperwork (reminiscent of AIS) declare this to be ‘Y’ quantity.

Then the revenue tax division would almost definitely ship a question asking for the explanation for the discrepancy.

And in case you can justify the explanations for a similar, your return will likely be processed. Else, the division would nudge you to pay the excellent revenue tax. And till that takes place, the case will likely be proven because the ‘return filed but not processed’ (as proven within the picture above).

“Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!” Click right here!

Catch all of the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.

More
Less

Updated: 15 Oct 2023, 09:07 AM IST

Topics