It will surely come as good news for the large number of tax paying populous in our country. The Income Tax Department will now be sending across refunds in just about 7-10 days.
The department’s latest initiative to verify an income tax return (ITR) by Aadhaar or other bank database has received a positive response from ITR filers because of which the taxman, for Assessment Year 2015-16, was able to process and send the refunds to bank accounts of eligible taxpayers in less than 15 days.
As claimed by the Income Tax Department in yesterday’s press release, the days are gone when getting an I-T refund used to take months or in some cases even a few years. The new electronic verification e-filing system has proved to be very customer-friendly and as a token of thanks to the taxpayers, the department is working to ensure their refunds are sent in a week’s time or a maximum of ten days. Now Get your Income Tax Refund in 10 Days
The department’s Central Processing Centre (CPC) as on September 7 has already processed 45.18 lakh returns and issued refunds to 22.14 lakh tax payers relating to assessment year 2015-16.
Here is what the statistics tells:
- The department received 2.06 crore returns on its e-filing portal as on September 7, 2015 (last date for ITR filing). An increase of 26.12 per cent over the last year when 1.63 crore returns were filed online.
- The department’s Central Processing Centre (CPC) as on September 7 processed 45.18 lakh returns and issued refunds to 22.14 lakh tax-payers. Now Get your Income Tax Refund in 10 Days
- The department electronically verified over 32.95 lakh e-returns.
Going by our own experience, we agree with the Income Tax Department’s claim of faster processing of refunds. By today’s date, Many of our clients have already received their Income Tax refunds. In fact my own father has also received back his Income Tax refund within just a month of filing the Tax Return, and he was pleasantly surprised with this positive move by the Tax Department.
However, bear in mind that this faster processing of tax refunds is possible only where the Assessee has E-Verified his Tax return.