Taxpayers Will Get Income Tax Refunds in Less Than 15 Days

The Income Tax Department will process and send refunds within 7-15 days as its technology upgrade of Aadhaar- based IT verification has received an overwhelming response from tax payers. The department’s latest initiative to verify the income tax return (ITR) by Aadhaar or other bank deposits for the Assessment Year 2015-16 has expedited the entire process and made it possible to send refunds to the bank accounts of eligible tax payers within 15 days.

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In its statement to The Business Standard, a top official of the department said, “The days are gone when getting an I-T refund used to take months or in some cases even a few years. The new electronic verification e-filing system has proved to be very customer-friendly and as a token of thanks to the taxpayers, the department is working to ensure their refunds are sent in a week's time or a maximum of ten days. This is surely the way forward in the administration of tax affairs in the country.”

According to statistics, the total returns received by the department on its portal as on 7^th September 2015 (the last date for filing tax return) was 2.06 crores which is an increase of 26.12% when compared to last year’s when it was only 1.63 crores.

On 7^th September 2015, the department's Central Processing Centre (CPC) processed 45.18 lakh returns and issued refunds to 22.14 lakh tax payers for the Assessment Year 2015-16. This year, the peak filing rate was 3,475 as compared to last year when it was 2,901 per minute.

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^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.

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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.

**Returns are based on past 10 years’ fund performance data (Fund Data Source: Value Research).

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