Income Tax Department's New Initiative for Quick Refunds
In what could be good news for lakhs of taxpayers, the Income Tax Department will now process and send refunds in a short time of 7-10 days, as its latest technology upgrade of electronic and Aadhaar-based ITR verification has begun on a successful note.
Positive Response to Aadhaar-Based ITR Verification
The department’s latest initiative to verify an Income Tax Return (ITR) by Aadhaar or other bank databases has received a positive response from ITR filers. Because of this, the taxman, for Assessment Year 2015-16, was able to process and send refunds to the bank accounts of eligible taxpayers in less than 15 days.
Increase in E-Filing Returns
According to the latest statistics, the department received 2.06 crore returns on its e-filing portal as of September 7, 2015 (the last date for ITR filing), which is an increase of 26.12 percent over the last year when 1.63 crore returns were filed online.
Efficient Processing by the Central Processing Centre (CPC)
The department’s Central Processing Centre (CPC) as of September 7 processed 45.18 lakh returns and issued refunds to 22.14 lakh taxpayers relating to the assessment year 2015-16. During this period, the department electronically verified over 32.95 lakh e-returns. The data added that the peak filing rate touched 3,475 returns per minute this time as compared to 2,901 returns per minute last year.
In what could be good news for lakhs of taxpayers, the Income Tax Department will now process and send refunds in a short time of 7-10 days, as its latest technology upgrade of electronic and Aadhaar-based ITR verification has begun on a successful note.
Positive Response to Aadhaar-Based ITR Verification
The department’s latest initiative to verify an Income Tax Return (ITR) by Aadhaar or other bank databases has received a positive response from ITR filers. Because of this, the taxman, for Assessment Year 2015-16, was able to process and send refunds to the bank accounts of eligible taxpayers in less than 15 days.
Increase in E-Filing Returns
According to the latest statistics, the department received 2.06 crore returns on its e-filing portal as of September 7, 2015 (the last date for ITR filing), which is an increase of 26.12 percent over the last year when 1.63 crore returns were filed online.
Efficient Processing by the Central Processing Centre (CPC)
The department’s Central Processing Centre (CPC) as of September 7 processed 45.18 lakh returns and issued refunds to 22.14 lakh taxpayers relating to the assessment year 2015-16. During this period, the department electronically verified over 32.95 lakh e-returns. The data added that the peak filing rate touched 3,475 returns per minute this time as compared to 2,901 returns per minute last year.