Income Tax Refund: Income tax refund started in a few days, these measures speed up the process
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Timing of IT Refunds: The Income Tax Department issues refunds in crores of cases every year after processing the returns filed by the taxpayers. Earlier this process used to take months.
Like every year, this time also the season of filing Income Tax Return (ITR filing) has started. Along with this, people have also started getting income tax refund. The Income Tax Department issues crores of refunds every season after processing the income tax returns filed by taxpayers. The process has changed a lot in the last few years. Where earlier it used to take months, now this entire process is being completed in a few days.
So many refunds issued in just 30 days
Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta recently gave interesting information about this. He has said in a program during the week that the average time of tax refund has come down significantly. He said that during the last financial year 2022-23, refunds were issued to taxpayers within 30 days of filing returns in 80 percent cases.
For these reasons the whole process was expedited.
The CBDT chairman also pointed out that the use of technology has expedited the process of processing income tax returns and issuing refunds. Ease of doing business is being ensured for taxpayers by promoting voluntary compliance, he added. We have accelerated the return processing process and due to this the average time taken to process tax refunds has come down to just 16 days in FY 2022-23 from 26 days in 2021-22.
Record settlement started in a day
CBDT Chairman said that there has been a significant increase in the processing of ITRs within a day. This assessment was 21 percent in the year 2021-22, which has now increased to 42 percent in 2022-23. The department disposed of the maximum number of 22.94 lakh returns in a single day on July 28, 2022.
In order to facilitate voluntary compliance and reduce legal disputes, he said that provision of updated return i.e. ITR-U has been made on the e-filing portal, so that taxpayers can access their returns at any point of time for two years after the expiry of the period. Could of the relevant assessment year. Update returns.
Faceless system made this work faster
According to Gupta, till March 31, 2023, more than 24.50 lakh updated returns have been filed. From these, the government has received about Rs 2,480 crore as additional tax. Gupta also said that in the last financial year more than four lakh assessments have been completed in a faceless manner. Complaints related to faceless process have come down by 60 per cent during 2022-23 as compared to the previous financial year. Under the faceless system, tax officials have disposed of more than one lakh appeals.
(pc rights of employees)
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