I-T refunds to be sent to taxpayers in 7-10 days: Report

The I-T Department's latest technological initiative to verify an income tax return (ITR) by Aadhaar or other bank database has reportedly received a positive response from ITR filers.

The Income Tax Department will reportedly process and send refunds in 7-10 days on the back of its successful electronic and Aadhaar-based ITR verification.

The I-T Department's latest technological initiative to verify an income tax return (ITR) by Aadhaar or other bank database has reportedly received a positive response from ITR filers.
As a result, it was able to process and send the refunds to bank accounts of eligible taxpayers in less than 15 days for the Assessment Year 2015-16.

According to latest statistics, the I-T Department received 2.06 crore returns on its e-filing portal as on 7th September, 2015 (last date for ITR filing), which is an increase of 26.1% over the previous year.

As on 7th September, the I-T Department's Central Processing Centre (CPC) processed 45.18 lakh returns and issued refunds to 22.14 lakh tax payers relating to assessment year 2015-16.

During this period, the I-T Department electronically verified over 32.95 lakh e-returns.