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NRI ITR filing: The income tax return filing for non-residents (NRI) is a painful process. This is because they are required to use ITR- to report for simple incomes such as interest income, dividends etc. However, resident individuals can use Simplified ITR-1 or Sahaj to report similar incomes. Union Budget 2024 in February should address this issue.
As on September 5, 2023, 6.98 crore ITRs for AY 2023-24 were filed, out of which 6.84 crore ITRs have been verified. The average processing time was 16 days in fiscal year 2022-23 and 82 days in fiscal year 2019-20, stated the PIB release.
A common reason for not receiving refunds promptly is incorrect or incomplete information in the ITR form
Income Tax: ITR is required to be verified within 30 days of filing it, failing which will lead to the rejection of your ITR
E-verification of ITRs is mandatory. Tax filers must e-verify their returns within 30 days of filing.