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.
From India, Ahmadabad
Acknowledge(0)
Amend(0)
34In 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.
From India, Ahmadabad
Acknowledge(0)Amend(0)
Dear Sagar,
The news report about the IT refund is fine, but I filed my IT return on 20th August 2015. Three weeks have passed since I filed the return, but I have not received any refund as of now. Anyway, if the refund is given in 2-3 months, then I am fine with it.
Thanks,
Dinesh Divekar
From India, Bangalore
Acknowledge(1)Amend(0)
The news report about the IT refund is fine, but I filed my IT return on 20th August 2015. Three weeks have passed since I filed the return, but I have not received any refund as of now. Anyway, if the refund is given in 2-3 months, then I am fine with it.
Thanks,
Dinesh Divekar
From India, Bangalore
Acknowledge(1)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
Income Tax Calculator.xls