Govt expedites tax refund process
Average time taken for issuing refunds by the income-tax (I-T) department has been brought down significantly and 80 per cent of refunds were issued in the first 30 days of filing of returns during the 2022-23 fiscal, CBDT Chairman Nitin Gupta has said.
image for illustrative purpose
New Delhi: Average time taken for issuing refunds by the income-tax (I-T) department has been brought down significantly and 80 per cent of refunds were issued in the first 30 days of filing of returns during the 2022-23 fiscal, CBDT Chairman Nitin Gupta has said.
The chief of the Central Board of Direct Taxes (CBDT) said the work of processing Income Tax Returns (ITRs) has been expedited as the tax department is leveraging technology in a big way and was working to ensure ‘ease of doing business’ for the taxpayers by promoting voluntary compliance.
"We have expedited the processing of returns and quicker issue of refunds. The average time taken for processing of returns has been reduced to only 16 days in the financial year 2022-23 as against 26 days in the previous 2021-22 fiscal," Gupta said. “We have seen a hundred per cent increase in the total percentage of ITRs processed within one day of their filing. This percentage has increased to 42 per cent for AY 2022-23,” Gupta said.
I-T dept achieved a peak processing capacity of 22.94 lakh returns in a single day on July 28, 2022
- Nitin Gupta
