Such that income tax returns are being processed faster, income tax assessees have come up with novel ways, but interestingly, returns filed post mid-October are being processed within days. And now to further hasten the process of verification and then refund issuance the government launched Jhatpat ITR processing scheme on December 20, 2020.
Not all ITR processed following Jhatpat processing of ITR
Here what is to be remember that not all ITRs are being processed via Jhatpat processing that is the second edition of technology introduced at the Central Processing Centre (CPC). It was launched in 2009 and has been the backbone of quick tax return processing.
"The Jhatpat processing of tax returns is applicable for ITR1 and ITR4. The time limit for processing of returns shall vary on a case-to-case basis, depending upon its complexity or simplicity," says Suresh Surana, Founder, RSM India.
Reason for delay in ITR processing
There are certain issues which lead to delay in processing of ITRs say mismatch in data when sourced from other sources, tax arrears of the past or even individual tax deduction data.
Also if there are multiple sources of income for the assessee then also it takes time for processing.
Do not unnecessary complicate situation by fiking revised return if no rectification is required in ITR
So, unless there are some mistakes do not go for revision of ITR and wait for department's intimation for taking any step before hand.
Paras Savla, partner at KPB Associates says, "Jhatpat Processing is subject to conditions that the tax return must be verified, the bank account is pre-validated and there should be no tax arrears. TDS mismatch and challan mismatch too are red flags for ITR processing under the technical upgrade of CPC 2.0, which saw an expenditure sanction of Rs 4,242 crore in 2019."