Yay! Tax Payers to Get Tax Refunds in Just 7-10 Days as E-Filing Boosts Efficiency
Coming in as a good news for the large number of tax paying populous in the country, the Income Tax Department will now be sending across refunds in just about 7-10 days. This move follows what we have lately seen, as to how the use of technology for Aadhaar-based ITR verification has begun on a very successful note.
There has been a time when IT refunds use to take months at a stretch. There have also been processes, which have taken years. However, that will be history now. Technology has eased many basics such as calculations and transactions, and barely anything is left for the department officials to do manually.
The department will now verify an Income Tax Return (ITR) by Aadhaar or other bank database. This initiative is a good one because it is going to be tax payer-friendly, without making them wait for the longest of durations.
“This is surely the way forward in the administration of tax affairs in the country,” a top officer of the department involved in these operations said.
The latest statistics suggest that:
- The department received 2.06 crore returns on its e-filing portal as on September 7, 2015 (last date for ITR filing). 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.
- The department electronically verified over 32.95 lakh e-returns.
- The data added that peak-filing rate touched 3,475 returns per minute this time as compared to 2,901 returns per minute last year.
With advancement in technology, all this is very highly possible. This system directly leads to faster and hassle-free processing of ITRs and refunds apart from other services. This process of e-filing would also put a full-stop to the process of the paper-filing procedures, considering the pace at which the country is adapting to technology.
Tax affairs in the country needed some eyes on it. Considering the various modes and means of flourishing corruption in the country, topped with the senior officers pressurizing the juniors, all this needed to stop somewhere, and going online is the easiest way by far out of it, which will breed transparency. This move will even ensure that most of the people who run behind bushes to avoid the complications involved in the paper-work, will now be more at ease.