I-T Dept Working To Reduce Refund Processing Time To 10 Days: Report
1 year, 7 months ago

I-T Dept Working To Reduce Refund Processing Time To 10 Days: Report

ABP News  

The Income Tax department is planning to come up with a system to help individuals get their tax refunds in an easy and quick manner. The tax department has decided to introduce a system to reduce the average processing and issuance time for tax refunds. The report quoted an anonymous government official and said, “In 2022-23, the average time taken for processing tax returns was 16-17 days. Now we are looking at processing tax returns in 10 days and issuing refunds simultaneously.” The tax refunds worth Rs 72,215 crore for the April 1 to August 21 period in the year have already been issued, with Rs 37,775 crore issued to companies and Rs 34,406 crore issued to individuals, the report stated. The report cited another official and stated that the tax department is moving away from the earlier practice of holding refunds of companies to display a strong revenue collection.

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History of this topic

Taxpayers alert! ITR processing time reduced to 10 days from 93 days
7 months, 2 weeks ago

Taxpayers alert! ITR processing time reduced to 10 days from 93 days

Hindustan Times  

Finance minister Nirmala Sitharaman said that the average time taken to process income tax returns has decreased from 93 days in 2013 to 10 days. Finance minister said that the 'average' processing time has been reduced to 10 days. {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} No, not all ITRs are going to be processed in 10 days as the Finance minister said …

I-T department sets April 30 deadline for approving refunds: Report
11 months, 3 weeks ago

I-T department sets April 30 deadline for approving refunds: Report

Live Mint  

If you have not received your income tax refund so far, there is good news for you. The Income Tax Department has set April 30 as the deadline for approving pending refunds, reported Business Line The department has prepared an interim action plan for tax refunds in this fiscal and set a timeline for various actions related to taxpayers, sources …

I-T Refunds: Taxpayers To Receive Pending Refunds For FY2020-21 By April 30
1 year ago

I-T Refunds: Taxpayers To Receive Pending Refunds For FY2020-21 By April 30

ABP News  

The Income Tax Department has issued a circular assuring taxpayers awaiting their tax refunds for the financial year 2020-21 that they will receive their payments by April 30, 2024. Upon filing a return request at the Centralised Processing Centre within the specified timeframe, taxpayers receive an intimation notice under Section 143 of the Income-tax Act, 1961, indicating the successful processing …

Income Tax Department considering drive to expedite refunds: Report
1 year, 5 months ago

Income Tax Department considering drive to expedite refunds: Report

Live Mint  

With 3.5 million tax refund cases currently delayed, the Income Tax Department is contemplating the organisation of campaigns aimed at aiding taxpayers. Nonetheless, tax authorities point out that misinformation concerning taxpayers' bank account and Permanent Account Number details is a key factor causing delays in refunds, said the report. A call centre located in Mysuru is dedicated to addressing tax …

I-T dept. asks taxpayers to respond to intimation of past tax demands for faster refund processing
1 year, 6 months ago

I-T dept. asks taxpayers to respond to intimation of past tax demands for faster refund processing

The Hindu  

The Income Tax department on Saturday asked taxpayers to respond to its intimation regarding outstanding demands of previous years to facilitate faster clearance of refunds for the 2022-23 fiscal. With some taxpayers taking to social media about receiving intimation from the I-T Department regarding past unsettled tax demands, the department, in a post on ‘X’ said, this is a taxpayer-friendly …

Average income tax return processing time reduced to 10 days. Details here
1 year, 6 months ago

Average income tax return processing time reduced to 10 days. Details here

Live Mint  

The average processing time for Income Tax Returns has significantly improved over the years as reported on the CNBCTV18 site. This is a remarkable improvement compared to the 82-day processing time in the Assessment Year 2019-20 and the 16-day processing time in the Assessment Year 2022-23. As per the Department's statement, out of the 6 crore 98 lakh ITRs filed …

Average processing time of Income Tax Returns reduced to 10 days, says CBDT
1 year, 6 months ago

Average processing time of Income Tax Returns reduced to 10 days, says CBDT

India TV News  

Income Tax Returns update: The average time taken to process income tax returns has come down significantly to just 10 days now. As many as 6.98 crore tax returns have been filed for income earned in 2022-23 fiscal and out of them, more than 6 crore filings have been processed, the CBDT said on Tuesday. Big change in average processing …

Taxpayers Will Now Receive Income Tax Refund in Just 7-10 Days
9 years, 6 months ago

Taxpayers Will Now Receive Income Tax Refund in Just 7-10 Days

The Quint  

In what could be good news for lakhs of taxpayers, the Income Tax Department will now process and send refunds in a short time of 7-10 days, as its latest technology upgrade of electronic and Aadhaar-based ITR verification has begun on a successful note. The department’s latest initiative to verify an Income Tax Return by Aadhaar or other bank database …

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