Average processing time for ITR reduced from 93 to 16 days

Daily Current Affairs / Average processing time for ITR reduced from 93 to 16 days

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Category : Business and economics Published on: February 03 2023

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Finance Minister Nirmala Sitharaman during Union Budget 2023-34 presentation said the average processing time for Income Tax Returns (ITRs) will be reduced to 16 days from 93 days.
She claimed 45% of ITRs are processed within 24 hours.
The Finance Minister also announced the deployment of about 100 Joint Commissioners for disposals of small appeals in direct tax matters.
The Budget also stipulates a plan to strengthen the grievance redressal mechanism for direct taxes.