Now get your I-T refunds within 24 hours
Refunds amounting to ₹1.26 lakh crore have been issued during Apr.2017 to Jan.2018.
— Income Tax India (@IncomeTaxIndia) February 9, 2018
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.”
— MyGovIndia (@mygovindia) February 1, 2019
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.
Transparent income tax regime – 99.54% of tax returns, individual and corporate, were accepted as is; tax scrutiny to be done by an anonymous, digitised back office reducing any in person interventions between tax payer and tax officer : FM @PiyushGoyal #Budget2019 @CimGOI pic.twitter.com/G0yPtJiVmc
— Make in India (@makeinindia) February 1, 2019
This project will bring transparency in the system, minimize any human interface and IT department becomes more assessee-friendly.