Finance Minister makes a big announcement for tax payers

New Delhi: Income Tax Return: Till the last date of filing income tax return (31st July), 7.28 crore people have filed ITR. Till 31st October, those people can file ITR who need to get it audited by CA. That is, those doing their own business can file returns till 31st October. Recently, Finance Minister Nirmala Sitharaman had said in Parliament that there has been a big decline in the processing time of Income Tax Return (ITR).

In the year 2013, the average time taken to process the return was 93 days, which has now come down to 10 days. This is being seen as a big step of the government.

Will all ITRs be processed in 10 days?
Should the direct implication of the statement given by the Finance Minister be that taxpayers can now expect faster tax refunds? Let us tell you that it is not that all ITRs are not being processed in 10 days because the Finance Minister has said that the ‘average’ processing time will be reduced to 10 days, it does not mean that all types of ITRs will be processed in 10 days. The more complicated the ITR form is, the more time it takes to process it. This means that some ITRs can be processed in 24 hours, while some may take more time than this.

Let us tell you that ITR-3 is more complex than ITR-2. Apart from this, ITR-2 is more complex than ITR-1. To give tax refund quickly by the Income Tax Department, there has been a lot of improvement in the software and system processing Income Tax Return (ITR) since 2013. This has helped in getting tax refund quickly. Let us know about the changes made by the Income Tax Department-

Aadhaar based verification:
Now you do not have to send the documents related to your income tax return by post. You can verify it online through e-verification of your Aadhaar card. This saves a lot of time and has become much easier than before.

New Tax Filing Portal
The new tax e-filing portal launched in the year 2021 is very user-friendly. This has made paying tax, filing complaints and making requests very easy and quick.

Automation and Digitization
Now all the work related to filing tax is done through computers. There is no need to fill the forms manually like before. This has reduced the chances of mistakes and your tax returns can be checked quickly by the Income Tax Department.

Centralized processing and automation:
Now many tasks are done automatically through computers and all the work is done at one place. This saves a lot of time and the work is also done easily.