‘Over 50% of individuals get income tax refunds in a month’
(This story originally appeared in on Nov 23, 2023)
New Delhi: More than half the individuals and 45% of businesses received income tax refunds within a month, a key factor for more than 80% of the respondents of a CII survey, indicating that they have greater trust in the tax department.
Faster return processing and issue of refunds has been a thrust area for the government and the survey indicates that the feedback has been positive. Until a few years ago, until the process was automated, refunds would take as much as a year.
While around 88% of the individuals and firms covering a sample of over 3,500 respondents said refunds were faster than five years ago, there 65-70% of those polled believed that wait time is shorter than a year ago. Over 62% of the respondents found the refund process “very convenient”, according to the survey.
Asked about TDS system, three-fourths of individuals said there was no excess deduction, but results pointed to scope for improvement when it came to businesses as only 22% responded, by saying they did not pay extra TDS. At least 26% of the business entities said they had paid 10-20% above their liability.
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