The Indian Department of Income Tax has made a major breakthrough as it is looking to reduce the average processing time for Income Tax returns. Yes, people would get their income tax refunds sooner than now. The current average processing time to receive an Income Tax refund is 16 days, but this will be reduced by around 6 days in the new development to be done by the department. This news has been a relief for taxpayers. But some aspects related to this great development of the Income Tax Department are still unknown. Do you know how long it takes to receive a refund and how to check the status of a tax refund online? If not, this article will help you find out. You just need to keep reading this article and read it till the end. Scroll down the page and take a look below.
Income tax refund not received
Business Standard recently published that the Indian Income Tax Department is considering reducing the time to process tax refunds. The report suggests that the tax department is considering reducing the time from the current 16 days to 10 days. In addition, it was also reported that the new schedule is expected to be implemented during this fiscal year. Go to the next section and go to the next section.
As details are obtained from third-party sources, PKBNews cannot independently verify information about this development from the Income Tax Department. Clear founder and CEO Archit Gupta said: “We have received several inquiries regarding the status of refunds and therefore this will be a good move to expedite payment to taxpayers who are due a refund after of electronic submission. A large number of taxpayers filed on time and therefore there is an expectation that refunds will be processed sooner”, Scroll down the page and see the new record of RTIs filed until July 31, 2023. Scroll down.
Do you know how many RTIs have been filed through July 31, 2023? A record number of RTIs were filed through July 31, 2023; reportedly more than RTI 6.77 crore was filed till 31 July 2023. A new RTI filing record was recorded this year. For the annual year 2023-24, the total number of ITRs filed in the first quarter to 31 July 2023 exceeded Rs 6.77 crore. This year saw a 16.1% increase in the number of RTIs filed this year for the 2023-24 annual year compared to RTIs filed for the 2022-23 annual year. Last year, a total of Rs 5.83 crore ITR was filed till 31 July 2022. But this year, taxpayers filed 16% more ITR than last year. Move on to the next section and get more details.
How to get a refund of Income Tax?
Since the number of taxpayers has increased significantly this year, the Income Tax Department is considering reducing the processing time for tax returns. Currently, the average time for tax return processing is 16 days, but the time would be reduced to 10 days, making the processing time 6 days faster than it is now. How long does it take to receive a refund? Let us explore this question and discuss more details about it. Please continue reading this article and review it till the end.
Balwant Jain, a Mumbai-based income tax and investment expert, said the refund was not issued instantly but was released after the Income Tax Department verified and verified the details of the taxes already paid to based on information from the department. . A Mumbai-based investment and income tax expert said it usually takes 20-45 days to get a refund after filing and verifying your ITR. Move on to the next section and read how Abhishek Soni explained the actual average processing time for getting a tax refund.
He further added that the income tax department has sped up the processing time for ITRs (Income Tax Returns) this financial year 2022-23, impressively reducing the average processing time to just 16 days. Abhishek Soni, CEO and Co-Founder of Tax2win, said: “It normally takes 20-45 days for the refund to reach you after filing and verifying your ITR. However, this fiscal year 2022-23, the tax department has expedited the processing of Income Tax Returns (ITR) using advanced technology. As a result, the average processing time has been impressively reduced to just 16 days.” He knows how to check the status of your income tax return online.
You can also check the status of your tax refund yourself online. You only need to enter some key information to know the status of the tax refund. First, visit the official website of Income Tax India where you need to log in by entering your PAN number as User ID and Password and verifying the captcha code. After successfully logging in, go to the View Return/Forms section and click Select an option to choose Income Tax Returns from the dropdown menu. Please enter the evaluation year and submit. Check the status of your ITR refund by clicking on the corresponding ITR acknowledgment number.