Income Tax Refund: Every year the number of people filing income tax returns is increasing. This year also more than 6.77 crore people have filed income tax return. There are still many people in whose account the refund has not come. Till now 72000 crore refund has been given.
The government keeps on trying from time to time for more and more people to file income tax returns in the country. The effect of the efforts of the government was also seen this year. According to government statistics, this time more than 6.77 crore people have filed income tax returns. There are many of these people who are still waiting for their refund. If your refund has not yet come, then there is nothing to worry about. The government is preparing a new system, after which your refund will come into your account within 10 days.
Actually, at present, the period of getting refund is more. This is the reason that the Income Tax Department has started working on a plan to reduce the current 16 days to 10 days. The Income Tax Department is working fast on this new system. It is believed that it will be implemented in the current financial year itself.
Time can be reduced by 20 days
According to the Income Tax Department, it used to take 26 days to get the income tax refund in the year 2021-22. Which the Income Tax Department reduced to 16 days. According to a report by Business Standard, the processing time for tax returns has come down to 16 to 17 days during the year 2022-23. That is, now your refund comes within this time limit. Now the Income Tax Department is trying to reduce it to 10 days. So that taxpayers do not have to wait much longer.
What will happen in the new system
The Income Tax Department is trying to integrate this entire process into the new system. Rapid work is going on on the front of completely digitizing taxation processing. From filing tax returns to verification and assessment, now electronic method is being adopted. This is the reason that now this process takes 16-17 days instead of 26 days. Taking this approach further, the Income Tax Department is considering making some more improvements in the new system. So that the work which is now done in 16-17 days can be completed within 10 days. Refunds worth 72 thousand crores issued so far
According to the figures of the Income Tax Department, more than 6.77 crore income tax returns have been filed this year. Therefore, the cases of refund have also come more. Talking about statistics, from April 1 to August 21 this year, refunds worth Rs 72,215 crore have been transferred to people’s accounts by the Income Tax Department. Total refund amount of more than 37 thousand crores has been issued to the companies. While an amount of about 34 thousand crores has been transferred to the account of common people.
