ITR Filing: There is good news for those who file income tax returns. Now you will not have to wait long to get your refund. There has been a tremendous increase in tax refunds in the last 11 years, and now money is being received quickly.
ITR Filing: There is big news for those who file Income Tax Return (ITR). In the last 11 years, the government has made a tremendous increase in income tax refund. In the year 2024-25, IT refund has increased by 474% to Rs 4.77 lakh crore. This figure is more than the increase in gross tax collection.
The time taken to get tax refund has reduced considerably
Not only this, now the time taken to get tax refund has also reduced considerably. While in 2013 it used to take an average of 93 days to get the refund, now in 2024 it has come down to just 17 days. That is, there has been a decline of about 81%.
Digitization of tax system is the biggest reason for change
The biggest reason for this change is the digitization of the tax system. Now everything from ITR filing to assessment has become online and faceless, making the process faster and accurate.
The number of taxpayers increased rapidly
According to government data, gross tax collection has also increased by 274% to Rs 27.03 lakh crore in the last 11 years. At the same time, the number of taxpayers has also increased rapidly. While only 3.8 crore people used to file ITR in 2013, in 2024 this number has increased by 133% to 8.89 crores.
Taxpayers’ experience has improved now
According to the report, facilities like automated refund system, pre-filled ITR, real time adjustment of TDS and online grievance redressal have improved the taxpayers’ experience now.
Officials say that as the number of taxpayers is increasing and the TDS system is getting stronger, getting refund has become a common thing. This is not just a game of numbers, but also a sign of the system getting matured.
Most Read Articles:
- Ladli Behna Yojana: MP government’s gift to Ladli sisters before Rakhi, know how much money will come in the account
- 8th pay commission: How much will the salary increase, when will it be implemented? Know the answer to every question
- EPFO New Rule : EPFO gives lifeline for buying a house, you can withdraw 90% of funds
