National - Current Affairs and GK

Q1:

What is the average processing time for Income Tax Returns (ITRs) filed for the Assessment Year (AY) 2023-24?

A 82 days

B 16 days

C 8 days

D 10 days

ANS:D - 10 days

The average processing time of Income Tax Returns (ITRs) filed for the Assessment Year (AY) 2023-24 has been reduced to 10 days. This is a significant improvement from the previous average processing time of 82 days for AY 2019-20 and 16 days for AY 2022-23.