taxpayers money is being deposited in the account very fast this system has changed the game.
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taxpayers money is being deposited in the account very fast this system has changed the game.Taxpayers Money Deposited: Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta has said that there has been a significant reduction in the average time taken to refund taxes. In the last financial year 2022-23, in 80 percent cases ‘refunds’ were issued within the first 30 days of filing returns. The CBDT chief also said that the use of technology has speeded up the income tax return process and is working to ensure ‘ease of doing business’ for taxpayers by promoting voluntary compliance. Gupta said that we have speeded up the process of returns and tax refunds have started coming in at a faster rate. In the financial year 2022-23, the average time taken for tax refund was only 16 days, which was 26 days in 2021-22.
21 percent increase
taxpayers money is being deposited in the account very fast this system has changed the game. In an online ‘Samvad’ session organized by the Income Tax Department on Thursday, Gupta said that there has been a significant increase in the process completed within a day of filing ITR. This assessment has increased from 21 percent in the year 2021-22 to 42 percent in 2022-23. Referring to the use of technology, he said that on July 28, 2022, the department disposed of the highest number of 22.94 lakh returns in a single day. To facilitate voluntary compliance and reduce legal disputes, the CBDT chief said that provision has been made to file an ITR return (ITR-U) on the e-filing portal within two years after the end of the relevant assessment year by the taxpayer. Update your return at any time.
This system changed the game
taxpayers money is being deposited in the account very fast this system has changed the game.He said that till March 31, 2023, more than 24.50 lakh ITR returns have been filed and about Rs 2,480 crore has been collected as additional tax. Gupta also said that in the last financial year, more than four lakh assessments have been completed without any face-to-face interaction between the officer and the taxpayer. Complaints related to the ‘faceless’ process have come down by 60 percent in 2022-23 as compared to the previous financial year. Gupta said that under the ‘faceless’ system, tax officials have disposed of more than one lakh appeals.
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