The income tax department is planning to reduce the average processing time for getting tax refunds. As per a report in Business Standard, the tax department is mulling over the reduction of days to 10 from the current 16 days. The report says that the new timeline is expected to be implemented during the current fiscal year.
Mint could not independently verify the development.
New record of over 6.77 crore ITRs filed till July 31, 2023
This year, a new record of ITRs was filed till July 31, 2023. The total number of ITRs for AY 2023-24 filed till July 31, 2023 was more than 6.77 crore, which was 16.1% more than the total ITRs for AY 2022-23 (5.83 crore) filed till July 31, 2022.
How to check income tax refund status online:
- Go to the Income Tax India website
- Log in using your USER ID (PAN number), the password, and the captcha code.
- Go to the ‘View Returns / Forms
- Click on ‘Select An Option’ and then click on ‘Income tax Returns’ from the drop-down menu.
- Fill in the assessment year and then submit.
- Click on the relevant ITR acknowledgment number to check your ITR refund status.