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Interim Budget 2024 could simplify ITR filing process for NRIs

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.

Average processing time of income tax return (ITR) after verification reduced to 10 days: CBDT

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.

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