IT Refund Time: 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 for 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 the taxpayers. In the last few years, there has been a vast change in its process. Earlier, where it used to take months, now this entire process is being completed in a few days.
So many refunds issued in just 30 days
Nitin Gupta, chairman of the Central Board of Direct Taxes (CBDT) recently gave interesting information about this. He has said in a program during the week that there has been a significant reduction in the average time for tax refund. He told that during the last financial year 2022-23, refunds were issued to taxpayers within 30 days of filing returns in 80 percent cases.
Due to these reasons the whole process was accelerated
The CBDT chairman also pointed out that the use of technology has made the process of processing income tax returns and issuing refunds faster. He said that ease of doing business is being ensured for taxpayers by promoting voluntary compliance. We have expedited the process of processing returns and due to this, the average time taken to process tax refunds has come down to only 16 days in the financial year 2022-23, which was 26 days in 2021-22.
Record settlement started in a day
The CBDT Chairman said that there has been a significant increase in processing ITR within one 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 the provision of updated return i.e. ITR-U has been made on the e-filing portal, so that the taxpayer can access his returns at any time for two years after the end of the relevant assessment year. Update the return.
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. There has been a 60 percent reduction in complaints related to the faceless process during 2022-23 as compared to the previous financial year. Under the faceless system, tax officials have disposed of more than one lakh appeals.