Income Tax Refund: If you also file Income Tax Return (ITR) then there is good news for you. Now you will be issued a return by the Income Tax Department within 16 days.
Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta has said that there has been a significant reduction in the average time taken to refund taxes. In the last financial year 2022-23, in 80 percent cases ‘refunds’ were issued in the first 30 days of filing returns.
Returns will come in just 16 days
The CBDT chief also said that the use of technology has speeded up the income tax return process and is working to ensure ‘ease of doing business’ for taxpayers by promoting voluntary compliance. Gupta has said that we have speeded up the process of returns and tax refunds are being processed at a faster rate. In the financial year 2022-23, the average time taken for tax refund was only 16 days, which was 26 days in 2021-22.
Income Tax Department gave information
In the online ‘Samvad’ session organized by the Income Tax Department on Thursday, Gupta has said that there has been a significant increase in the matter of completing the process within a day of filing ITR. This assessment has increased from 21 percent in the year 2021-22 to 42 percent in 2022-23.
22.94 lakh returns were settled
Referring to the use of technology, he said that the department disposed of the maximum number of 22.94 lakh returns in a single day on July 28, 2022. To facilitate voluntary compliance and reduce legal disputes, the CBDT chief said that provision has been made to file an updated return (ITR-U) on the e-filing portal so that the taxpayer can file it within two years after the end of the relevant assessment year. Update your return at any time.
24.50 lakh claims settled till March 31.
He has said that till March 31, 2023, more than 24.50 lakh updated returns have been filed and about Rs 2,480 crore has been collected as additional tax. Gupta also said that in the last financial year, more than four lakh assessments have been completed without the officer and the taxpayer coming face to face.
There has been a 60 percent reduction in complaints related to the ‘faceless’ process in 2022-23 as compared to the previous financial year. Gupta said that under the ‘faceless’ system, tax officials have disposed of more than one lakh appeals.