Income tax refund: Govt plans to reduce refund processing time. Check details here
Business Standard, the tax department is mulling over the reduction of days to 10 from the current 16 days. The report says that the new timeline is expected to be implemented during the current fiscal year. Mint could not independently verify the development.
Mumbai-based income tax and investment expert Balwant Jain said that the refund does not come instantly but is issued only after the details of taxes already paid are verified by the income tax department from the information available with it. “Normally, it takes 20-45 days for the refund to reach you after filing and verifying your ITR. However, this FY 2022-23, the tax department has expedited the processing of Income Tax Returns (ITRs) using advanced technology.
As a result, the average processing time has been impressively reduced to only 16 days," said Abhishek Soni, CEO and Co-founder of Tax2win. This year, a new record of ITRs was filed till 31 July 2023. The total number of ITRs for AY 2023-24 filed till 31st July, 2023 was more than 6.77 crore, which was 16.1% more than the total ITRs for AY 2022-23 (5.83 crore) filed till 31st July 2022.
-Go to the Income Tax India website -Log in using your USER ID (PAN number), the password, and the captcha code. -Go to the ‘View Returns / Forms -Click on ‘Select An Option’ and then click on ‘Income tax Returns’ from the drop-down menu. -Fill in the assessment year and then submit.
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