Refund of income taxes in 12 hours! ITR processing time decreased as more taxpayers filed ITRs than ever before.

Income Tax Refund News: The processing time for refunds has decreased. The taxpayer says they received their return in under 12 hours.

Income Tax Refund News: The processing time for refunds has decreased. But how quickly? While taxpayers who filed returns for AY 2023–24 had to wait a few weeks for refund processing, many taxpayers who filed returns in July got their refunds quickly. A taxpayer claimed on social media on Thursday that his tax refund arrived within 12 hours.

Nirnay Kapoor, a journalist by trade, shared screenshots of his ITR filing and refund deposit messages on Twitter, saying he had never experienced such quick processing of the return. He had submitted his return in the morning on July 27 and had heard by evening of the refund deposit.

The rapid filing and processing of income tax returns is a result of tax-filing reforms, according to Finance Minister Nirmala Sitharaman earlier this month. She said that compared to the prior year, there had been a 100% increase in the overall percentage of ITRs processed within one day of submitting.

The processing of refunds shouldn’t ever be a concern for return filers, according to tax professionals, as the procedure has grown much faster than in prior years. Instead, in order to qualify for early refunds and avoid last-minute filing headaches, taxpayers should aim to file their forms as early as possible.

https://www.sachboltanews.com/refund-of-income-taxes-in-12-hours-itr-processing-time-decre/

 

A little-known advantage of early ITR filing is also present. When an ITR is filed by a taxpayer prior to the deadline, the Income Tax Department pays interest at a rate of 0.5% per month on the refund. This interest is calculated starting on April 1 and ending on the refund date.

For taxpayers whose accounts do not require an audit, the ITR filing deadline is July 31. Taxpayers have already submitted more than 5 crore returns as of July 27. Additionally, approximately 2.69 crore confirmed ITRs have already been processed by the Income Tax Department. Find out the most recent information on the income tax return due date here. If you haven’t already, try to file your ITR as soon as you can to avoid the penalties for doing so after the deadline.

By sachboltanews.com

I'm Transport service provider in Maharashtra gramen

Leave a Reply

Your email address will not be published. Required fields are marked *