Tax refunds have surged by 46.31% to reach Rs 3.08 lakh crore between 1 April and 27 November 2024, compared to Rs 2.03 lakh crore in the same period of 2023, reflecting enhanced efficiency in the Income Tax Department. The Union Finance Ministry, in a statement on Thursday, attributed this achievement to concerted efforts to expedite the refund process, with significant contributions from the Central Board of Direct Taxes (CBDT).
The ministry’s year-end review highlighted that 26.35% of Income Tax Returns (ITRs) for FY 2024-25 were processed within a week of filing, compared to 22.56% during FY 2023-24, showcasing improved system efficiency and increased taxpayer compliance with deadlines.
The ITR portal demonstrated its capacity by handling over 900 filings per second and nearly 70 lakh ITRs in a single day. On 31 July 2024, a record 69.93 lakh ITRs were filed, and a remarkable 1.62 crore returns for A.Y. 2024-25 were processed in a single day.
By 22 November 2024, a total of 8.50 crore ITRs were filed, marking a 7.32% increase compared to the same period last year, underscoring the proactive engagement of taxpayers.
The Demand Management Facilitation Centre was introduced to streamline the resolution of outstanding tax demands, offering taxpayers a centralized contact point, which contributed to faster filings, according to the statement.
“The Central Board of Direct Taxes strives for greater transparency through timely release of data and assists taxpayers through timely awareness campaigns,” the statement emphasized.
Additionally, a targeted initiative addressed 35 lakh failed refund cases from previous assessment years, ensuring refunds were processed for verified bank accounts. This effort not only accelerated the disbursement of pending refunds but also improved the overall efficiency of the process.
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