Tax refunds have surged by 46.31% to achieve Rs 3.08 lakh crore between 1 April and 27 November 2024, in comparison with Rs 2.03 lakh crore in the identical interval of 2023, reflecting enhanced effectivity within the Earnings Tax Division. The Union Finance Ministry, in an announcement on Thursday, attributed this achievement to concerted efforts to expedite the refund course of, with vital contributions from the Central Board of Direct Taxes (CBDT).
The ministry’s year-end evaluate highlighted that 26.35% of Earnings Tax Returns (ITRs) for FY 2024-25 have been processed inside per week of submitting, in comparison with 22.56% throughout FY 2023-24, showcasing improved system effectivity and elevated taxpayer compliance with deadlines.
The ITR portal demonstrated its capability by dealing with over 900 filings per second and practically 70 lakh ITRs in a single day. On 31 July 2024, a report 69.93 lakh ITRs have been filed, and a exceptional 1.62 crore returns for A.Y. 2024-25 have been processed in a single day.
By 22 November 2024, a complete of 8.50 crore ITRs have been filed, marking a 7.32% enhance in comparison with the identical interval final 12 months, underscoring the proactive engagement of taxpayers.
The Demand Administration Facilitation Centre was launched to streamline the decision of excellent tax calls for, providing taxpayers a centralized contact level, which contributed to sooner filings, in response to the assertion.
“The Central Board of Direct Taxes strives for larger transparency via well timed launch of knowledge and assists taxpayers via well timed consciousness campaigns,” the assertion emphasised.
Moreover, a focused initiative addressed 35 lakh failed refund circumstances from earlier evaluation years, guaranteeing refunds have been processed for verified financial institution accounts. This effort not solely accelerated the disbursement of pending refunds but in addition improved the general effectivity of the method.
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