The income tax department has announced that all tax payers’ revenues are processed in 24 hours and returns delivered in their account simultaneously, an official report stated.
The government has already approved near about 4200 crores in the previous month for improving IT infrastructure of CBDT (Central Board of Direct Taxes) for processing refunds, returns, verification and faceless scrutiny.
“Presently refunds are managed online in an automated method. In the recent year, returns to the tune of Rs 1.50 lacs crore have been credited directly in payers bank accounts”, Revenue Secretary Ajay Bhushan Pandey reported.
“Now the structure is being further improved so that refunds can be issued within 24 hours. We will attempt to do it as fast as possible, within same time duration as faceless assessment”, Pandey said.
At the time of 2019-2020 provisional Budget, Piyush Goyal (temporary Finance Minister) had stated that the Income Tax Department currently functions online and refunds, returns, assessments and queries are all accepted online.
"Previous year, 99.54 % of income-tax refunds were recieved as they were filed. The government has sanctioned a new, technology exhaustive project to transform the Income Tax Department into further assesse -friendly. As per new rule, all Revenues will be processed within 24 hours and refunds delivered at the same time," Piyush Goyal said.
The minister stated within next 2 years, assessment and verification of all returns selected for analysis will be processed automatically through anonymized back office, operated by officials and tax experts, without any interface between tax officers and taxpayers.
“Anonymous returns scrutiny over back office will also improve and reduce any human interface or subjectivity". Pandey reported.