There is excellent news if you also file an income tax return. The Income Tax Department will now issue a return to you within 16 days. The average amount of time it takes to refund taxes has significantly decreased, according to Nitin Gupta, Chairman of the Central Board of Direct Taxes (CBDT). ‘Refunds’ were given out within the first 30 days of filing returns in 80% of cases during the most recent fiscal year 2022–23.
Income Tax Returns will arrive within 16 days.
The head of CBDT also claimed that technology has sped up the filing of income tax returns and is trying to assure taxpayers’ “ease of doing business” by encouraging voluntary compliance. According to Gupta, we have sped up the filing process and are processing tax refunds more quickly. The average time it took to receive a tax refund in 2022–23 was only 16 days, compared to 26 days in 2021–22.
The Income Tax Department provided details.
Gupta stated that the issue of finishing the procedure within a day of filing ITR has increased significantly during the online “Samvad” session that the Income Tax Department arranged on Thursday. From 21 percent in 2021–2022 to 42 percent in 2022–2023 was an increase in this estimate.
There was 22.94 lakh settled returns.
Regarding the application of technology, he stated that on July 28, 2022, the department disposed of the greatest amount of 22.94 lakh returns in a single day. The CBDT had stated that a provision has been provided to file an updated return (ITR-U) on the electronic filing portal so that the taxpayer can do so within two years of the conclusion of the relevant assessment year in order to enable voluntary compliance and decrease legal conflicts. Update your return whenever you like.
As of March 31, 24,50 lakh claims were resolved.
According to him, more than 24.50 lakh revised returns have been filed and over Rs 2,480 crore in additional tax has been collected as of March 31, 2023. Gupta added that more than 4 lakh assessments from the previous fiscal year were done without the officer and the taxpayer ever actually meeting. In comparison to the prior fiscal year, there has been a 60% decrease in complaints regarding the “faceless” process. According to Gupta, tax officers have resolved more than one lakh petitions under the ‘faceless’ system.
Read More: ITR fillers should use caution! These people will be liable to a 30% tax
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