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The department is working on speeding up the process of tax refund and its payment and reducing its duration from 16 days to 10 days. It is expected that the new deadline will be implemented in the current financial year. This time for tax refund will be reduced to 24 hours.
A government official said that in the financial year 2022-23, it used to take an average of 16 to 17 days to process tax returns. At the same time, in the previous financial year 2021-22, this period was 26 days. We are now working on reducing this period to 10 days and giving lump sum refunds. During this financial year, between April 1 and August 21, refunds worth Rs 72,215 crore have been issued so far. In it, the corporate will receive Rs. 37,775 crore and to individual taxpayers Rs. 34,406 crore including refunds. Direct tax collection after refund is Rs. 5.88 lakh crore has been.
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Keeping in view the current sentiment, we expect further improvement in processing time this financial year and this will reduce the time taken to issue refunds,” the official said. The official said that almost all scrutiny and assessment related to returns is done electronically and cases are selected for scrutiny without any physical face-to-face interaction between the taxpayer and tax officials.
Aim for a refund within 24 hours
The department is considering such an upgrade in the system, so that refunds are made within 24 hours. The said official said that this target is ambitious, but not impossible. We issue refunds within 3 to 4 working days in at least 10 to 12 percent return cases. We are sure this will become the norm in the next few years.
Here’s how you can check your refund status-
Step 1- Login to Income Tax Portal using User ID and Password.
Step 2- Go to My Account and click on ‘Refund/Demand Status’.
Step 3- All the information will come in front of you. If the refund is not received, you can check the status immediately by going to ‘Reason’.