Now get your I-T refunds within 24 hours

Currently, refunds are processed online in an automated manner by the revenue department. In the Budget 2019, Finance Minister Piyush Goyal announced that all I-T returns will be processed within 24 hours. This technology-intensive project will be completed within 2 years of time frame.

Revenue Secretary Ajay Bhushan Pandey said, “In the current year, refunds have been given directly in tax payer’s bank accounts. Now the tax processing system is being further upgraded so that refunds can be received within 24 hours.”

The government has also sanctioned Rs 4,200 crore for this high-tech tax processing system for processing returns, refunds, faceless scrutiny, and verification.

“Within the next two years, almost all verification and assessment of returns selected for scrutiny will be done electronically through an anonymized back office, manned by tax experts and officials, without any personal interface between taxpayers and tax officers,” Goyal said.

This project will bring transparency in the system, minimize any human interface and IT department becomes more assessee-friendly.

Share Post