Income tax payers will get refunds within 24 hours
The revenue department will put in place within two years a mechanism to ensure that all returns are processed within 24 hours and refunds issued simultaneously, an official said.
The government has already sanctioned Rs 4,200 crore last month for upgradation of information technology infrastructure of Central Board of Direct Taxes (CBDT) for processing returns, refunds, faceless scrutiny and verification.
Revenue Secretary Ajay Bhushan Pandey said currently refunds are processed online in an automated manner. In the current year, refunds to the tune of Rs 1.50 lakh crore have been given directly in bank accounts.
We are processing for refund withing 24 hours. We are trying to do this within same time as faceless assessment, within 2 years, Pandey said.
Now the system is being further upgraded so that refunds can be received within 24 hours.
While presenting the 2019-20 interim budget, Finance Minister Piyush Goyal had said the Income Tax Department now functions online and returns, assessments, refunds and queries are all undertaken online.