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Income Tax Refunds will be Made in 7 to 10 Days – A robust mechanism has been created at the CPC in Bengaluru and a dedicated team of officials is in place. With these new technological advancements, the I-T Department wishes to completely eradicate human interface in the taxpayers services.
There is good news for all the tax payers. The Income Tax Department has informed that the tax refunds will be made in just 7 to 10 days. The amount will be directly credited to the tax payers account. Thanks to the latest technology upgrade of electronic and Aadhaar-based ITR verification, the move was possible.
“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 or a maximum of ten days.
An officer at the Income Tax Department, who was also instrumental in making this process a success said, “This is surely the way forward in the administration of tax affairs in the country.” He further added “A robust mechanism has been created at the CPC in Bengaluru and a dedicated team of officials is in place. With these new technological advancements, the I-T Department wishes to completely eradicate human interface in the taxpayers services which directly leads to faster and hassle-free processing of ITRs and refunds apart from other services.”
According to a latest statistics, the department received 2.06 crore returns on its e-filing portal as on September 7, 2015, the last date for ITR filing, which is 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 relating to assessment year 2015-16.
The new e-filing system, enabled only last month, allows online verification of a person’s ITR by using either Aadhaar number, internet banking, ATM or email, thereby ending the practice of sending paper-based acknowledgement ITR-V to its office in Bengaluru, thus making the process more simple, fast and efficient.
Source 1: Aaj Tak
Source 2 : NDTV Profit