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The Income Tax department has been given an internal target of issuing refunds within a period of seven days. This came up during the process of drafting the budget. Meeting such a short deadline is a challenge in itself.However, the department has also been able to reduce the average time taken for issuing refunds in the financial year 2022- 23 to 16 days as against 26 in the fiscal before. The country has also achieved the highest-ever direct tax collection of RS 16.61 lakh crore. This w
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FAQ :
The Income Tax department has set an internal target to issue refunds within seven days.
In the financial year 2022-23, the average time taken for issuing refunds was reduced to 16 days.
The country achieved the highest-ever direct tax collection of Rs 16.61 lakh crore in the financial year 2022-23.
As many as 7.5 crore returns were filed through the e-filing portals in the financial year 2022-23.
The updated returns system allows taxpayers to include genuinely missed details in their returns by paying additional tax, ranging from 25 percent to 50 percent extra, which has helped reduce litigation.
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