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.
The department’s latest initiative to verify an Income Tax Return (ITR) by Aadhaar or other bank database has received positive response from ITR filers because of which the taxman, for Assessment Year 2015-16, was able to process and send refunds to bank accounts of eligible taxpayers in less than 15 days.
According to latest statistics, the department received 2.06 crore returns on its e-filing portal as on September 7, 2015 (last date for ITR filing), which is an increase of 26.12 per cent over the last year when 1.63 crore returns were filed online.
The department’s Central Processing Centre (CPC) as on September 7 processed 45.18 lakh returns and issued refunds to 22.14 lakh tax payers relating to 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
34The department’s latest initiative to verify an Income Tax Return (ITR) by Aadhaar or other bank database has received positive response from ITR filers because of which the taxman, for Assessment Year 2015-16, was able to process and send refunds to bank accounts of eligible taxpayers in less than 15 days.
According to latest statistics, the department received 2.06 crore returns on its e-filing portal as on September 7, 2015 (last date for ITR filing), which is an increase of 26.12 per cent over the last year when 1.63 crore returns were filed online.
The department’s Central Processing Centre (CPC) as on September 7 processed 45.18 lakh returns and issued refunds to 22.14 lakh tax payers relating to 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
Dear Sagar,
The news report about IT refund is fine but then I had filed my IT return on 20th August 2015. Three weeks passed since I filed the return but as of now I have not received any refund. Anyway if refund is given in 2-3 months then also am fine with it.
Thanks,
Dinesh Divekar
From India, Bangalore
The news report about IT refund is fine but then I had filed my IT return on 20th August 2015. Three weeks passed since I filed the return but as of now I have not received any refund. Anyway if refund is given in 2-3 months then also am fine with it.
Thanks,
Dinesh Divekar
From India, Bangalore
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
Income Tax Calculator.xls