A major and indeed development has been made by the Income Tax Department of India as it is thinking of reducing the average processing time for Income Tax refunds. Yes, people would get their Income Tax Refunds sooner than now. The current average processing time for receiving an Income Tax refund is 16 days but it will be reduced by around 6 days in the new development will be made by the department. This news has come as a relief for the taxpayers. But people are still not aware of some aspects related to this big development of the Income Tax Department. Do you know How much time it takes to receive a refund and how to check the status of a tax refund online? If not, this article will help you in knowing this. You are just required to keep reading this article and go through it till the end. Swipe down the page and take a look below.
Income Tax Refund Not Received
Recently, Business Standard posted that the Income Tax Department of India is considering reducing the time to process tax refunds. The report suggested that the tax department is mulling to reduce the time from the current 16 days to 10 days. Furthermore, it was also reported that the new timeline is foreseen to be implemented during this fiscal year. Shift to the next section and go through the following section.
As the details are gathered from third-party sources, the information about this development by the Income Tax Department can not be independently verified by HIS Education. The founder and Chief Executive Officer of Clear, Archit Gupta said, “We have been receiving several queries for refund status and therefore this will be a good move to expedite the payout to taxpayers who have a refund due after e-filing. A large number of taxpayers filed in time and therefore there is an expectation for refunds to be processed sooner,” Swipe down the page and know the new record of ITRs filed till July 31, 2023. Scroll down.
Do you know how many ITRs were filed till July 31, 2023? Record numbers of ITRs were filed till July 31, 2023, reportedly, more than 6.77 crore ITRs were filed till July 31, 2023. A new record of filing ITRs was made this year. For Annual Year 2023-24 the total number of ITRs filed in the first quarter till July 31, 2023, was over 6.77 crore. This year a surge of 16.1% in the number of ITRs filed this year for AY 2023-24 than ITRs filed for AY 2022-23, was seen. Last year, a total of 5.83 crore ITRs were filed till July 31, 2022. But this year, the taxpayers filed 16% more ITRs than the last year. Shift to the next section and get more details.
How to get an Income Tax Refund?
As the number of taxpayers has increased significantly this year, the Income Tax Department is mulling over reducing the processing time of tax refunds. Currently, the average time for the processing of tax refund is 16 days but the time would be reduced to 10 days which will make the processing time 6 days faster than now. How much time does it take to receive a refund? Let’s explore this question and discuss more details of it. Continue reading this article and go through it till the end.
Balwant Jain who is a Mumbai-based income tax and investment expert said that the refund was not issued instantly but it was released after the details of taxes already paid were verified and cross-checked by the Department of Income Tax from the information with the department. Mumbai-based investment and income tax expert said it usually takes 20-45 days to get a refund after filing and verifying your ITR. Shift to the next section and read how Abhishek Soni explained the real average processing time to get a tax refund.
He further added that the income tax department has expedited the processing time of ITRs (Income Tax Returns) this financial year 2022-23 reducing the average processing time impressively to only 16 days. Abhishek Soni who is the Chief Executive Officer and co-founder of Tax2win, said, “Normally, it takes 20-45 days for the refund to reach you after filing and verifying your ITR. However, this FY 2022-23, the tax department has expedited the processing of Income Tax Returns (ITRs) using advanced technology. As a result, the average processing time has been impressively reduced to only 16 days”. Know how to check income tax refund status online.
You can also check the status of your tax refund online by yourself. You just need to enter some key details to know the status of the tax refund. First, visit the official website of Income Tax India where you have to log in by entering your PAN number as a User ID and the password and verifying the captcha code. After successfully logging in, go to the View Return/Forms section and click on Select An Option to choose Income Tax Returns from the drop-down. Kindly enter the assessment year and submit it. Check your ITR refund status by clicking on the relevant ITR acknowledgment number.
Categories: Trends
Source: HIS Education