Live
- Tim Cook Declares AI a Bigger Revolution Than the Internet: Apple Gears Up for Aggressive Push
- The government's goal is to provide quality uninterrupted power to every remote area of the state: Deputy Chief Minister Mallu Bhatti Vikramarka
- Decathlon and UK University Launch Circular Cricket Gear Initiative in India
- Starlink Gets Green Light in India: Elon Musk’s Satellite Internet Set to Launch Soon
- CM Chandrababu Launches 'Annadatha Sukhibhav' Scheme, Promises Tech for Farmers
- Afghan national, two others arrested in Jabalpur for running passport racket
- Google Reverses Course: Most goo.gl Short Links to Stay Active
- RBI may announce 25 bps rate cut in August MPC meet: Report
- ECI doubles remuneration for BLOs, announces hike for other electoral officials
- Cong now has conclusive evidence of voter list manipulation, says LoP Rahul Gandhi at Legal Conclave
Income tax refunds jump 46.3 pc to Rs 3.04 lakh crore in April-Nov
The number of tax refunds has recorded a 46.31 per cent jump to Rs 3.08 lakh crore between April 1 and November 27 this year compared to the same period of 2023, marking a significant increase in the efficiency of the Income Tax Department, according to figures released by the Union Finance Ministry on Thursday.
New Delhi: The number of tax refunds has recorded a 46.31 per cent jump to Rs 3.08 lakh crore between April 1 and November 27 this year compared to the same period of 2023, marking a significant increase in the efficiency of the Income Tax Department, according to figures released by the Union Finance Ministry on Thursday.
In the corresponding period last year between April 1, 2023, and November 30, 2023, refunds totalling Rs 2.03 lakh crore were issued, reflecting the Ministry's concerted efforts to expedite the process this year. The Central Board of Direct Taxes (CBDT) played a crucial role in achieving this milestone, the statement added.
In its year-end review, the Finance Ministry also said that within just a week of processing, an impressive 26.35 per cent of IITRs for FY 2024-25 were cleared -- a significant improvement compared to the 22.56 per cent achieved during FY 2023-24.
This year-on-year surge showcases not only the capacity of the system but also the proactive engagement of taxpayers in adhering to filing deadlines.
At its peak this year the Income Tax Return portal handled more than 900 filings in a second and nearly 70 lakh ITRs (Income Tax Returns) in a day, the figures show.
This year a record of over 1.62 crore ITRs were processed in a single day for A.Y. 2024-25, according to the statement.
The highest filing of ITRs in one day was 69.93 lakh ITRs filed on July 31, 2024. A total of 8.50 crore ITRs were filed till November 22, which is 7.32 per cent higher than ITRs filed for the corresponding period of the preceding year.
The Demand Management Facilitation Centre was established to simplify the management of tax demands by providing taxpayers with a single point of contact for all issues related to outstanding tax demands which helped to speed up filings, the statement said.
“The Central Board of Direct Taxes strives for greater transparency through timely release of data and assists taxpayers through timely awareness campaigns,” the statement added,
A special initiative was undertaken to address 35 lakh failed refund cases from various assessment years, ensuring refunds were processed for validated bank accounts. This step not only expedited the issuance of pending refunds but also streamlined the overall process.
