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.Read more
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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 7th 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 7th 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.
Past 5 Year annualised returns as on 01-03-2024
^Tax benefit are for Investments made up to Rs.2.5 L/ yr and are subject to change as per tax laws.
*All savings are provided by the insurer as per the IRDAI approved insurance plan.
Tax benefit is subject to changes in tax laws. Standard T&C Apply
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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.
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
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