Income Tax Department Plans To Reduce Refund Time To 10 Days From 16 Days Know Details

Income Tax Refund: The Income Tax Department is continuously issuing refunds for the financial year 2022-23 and assessment year 2023-24. Now the department is going to make major changes in the time limit for IT refund. According to a report published in Business Standard, the Revenue Department is trying to speed up the process of issuing refunds and is trying to reduce it from 16 days to 10. It is worth noting that the department is trying to implement this process by March in the current financial year. In such a situation, the decision of the IT department will have a direct impact on taxpayers and they will get refund only in 10 days after filing ITR.

So far refund has been issued

According to the data released by the Income Tax Department, between April 1 and August 21, 2023, the IT Department has issued a total refund of Rs 72,215 crore. Out of this, refund of Rs 37,775 crore has been issued to companies and refund of Rs 34,406 crore has been issued to individual taxpayers. After issuing refunds, the net tax collection with the IT department has been Rs 5.88 lakh crore.

Taxpayers will benefit

According to the report published in Business Standard, while giving information on this matter, a senior official has said that after this decision, we hope that ITR processing will take less time and refunds can be issued as soon as possible. Along with this, he informed that now the process of issuing refund has become completely electronic. In such a situation, the Income Tax Department is able to give refund easily without any hassle.

How to check refund status-

If you also want to know your income tax refund status, then first of all visit the e-filing portal of Income Tax Department. Here enter your user ID like PAN number and password. After login, go to My Account option and click on Refund Status. Check by entering your PAN number, assessment year. You will get instant information about the refund status.

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