Question

According to the Budget 2023, what is the revised average processing time for ITR?

Q: Answer-According to the Budget 2023, what is the revised average processing time for ITR?

Union Finance Minister Nirmala Sitharaman stated during the presentation of the Union Budget on February 1, 2023, that the average processing time for income tax returns has been lowered from 93 to 16 days. She stated that 45 percent of ITRs are handled within 24 hours. The administration aims to bring out next-generation universal IT Return forms as well as reinforce the grievance redressal process,.