Let us inform that till 31 July 2023, there was a deadline to file ITR without penalty. More than 6.77 crore ITRs have been filed till this day. This was 16.1% more than the total ITR for AY 2022.
Income tax refund: If everything goes well, the process of getting income tax refund will speed up. The tax department is planning to reduce the average processing time. According to a report in Business Standard, it is being considered to reduce this time from the current 16 days to 10 days. The new timeline is expected to be implemented during the current financial year, the report said.
Income tax and investment expert Balwant Jain said that refunds do not come immediately but are issued only after the details of taxes already paid are verified by the Income Tax Department from the information available with it. At the same time, Abhishek Soni, CEO and co-founder of Tax2Win said – Generally it takes 20-45 days to get refund after filing and verifying your ITR. However, in this financial year 2022-23, the tax department has accelerated the processing of ITR using advanced technology. In such a situation, now 16 days are left in the processing.
Let us inform that till 31 July 2023, there was a deadline to file ITR without penalty. More than 6.77 crore ITRs have been filed till this day. This was 16.1% more than the total ITR for AY 2022. Explain that till 31 July 2022, 5.83 crore ITRs were filed.
