Budget 2024: ITR average processing time has reduced to 10 days, says FM

Finance Minister Nirmala Sitharaman on Thursday, February 1, stated that the average time for getting income tax refund has witnessed a decrease from 93 days in 2013-14 to 10 days in the current financial year. This achievement reflects a shift in the digital landscape, Sitharaman said while making Budget 2024 announcements.

The finance minister underscored the significance of streamlined income tax return (ITR) filing process, aligning it with the government's vision of a digital India.

"In the last five years, our focus has been to improve taxpayer services. The age-old jurisdiction-based assessment system was transformed with the introduction of faceless assessment and appeal, thereby imparting greater efficiency, transparency, and accountability. Introduction of updated income tax returns, a new Form 26AS and prefilling of tax returns have made filing of tax returns simpler and easier. Average processing time of returns has been reduced from 93 days in the year 2013-14 to a mere 10 days this year, thereby making refunds faster," Sitharaman stated during her Budget speech.