<h1>Income Tax Department Processes 88% of 2023-24 Returns; Refunds Issued, Processing Time Down to 10 Days.</h1> As of September 5, 2023, the Income Tax Department reported that 6.98 crore Income Tax Returns (ITRs) for Assessment Year 2023-24 were filed, with 6.84 crore verified and over 6 crore processed, achieving an 88% processing rate. More than 2.45 crore refunds have been issued. The average processing time has decreased to 10 days, compared to 82 days in AY 2019-20. Approximately 14 lakh ITRs remain unverified, and 12 lakh require additional taxpayer information. Some refunds are pending due to unvalidated bank accounts. Taxpayers are urged to verify returns, respond to communications, and validate bank accounts promptly.