The Income tax department is planning to reduce the average processing time for getting tax refunds. As per a report in Business Standard, the tax department is mulling over the reduction of days to 10 from the current 16 days. The report says that the new timeline is expected to be implemented during the current fiscal year.
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“We have been receiving several queries for refund status and therefore this will be a good move to expedite the payout to taxpayers who have a refund due after e-filing. A large number of taxpayers filed in time and therefore there is an expectation for refunds to be processed sooner,” said Archit Gupta, Founder and CEO, Clear.
Read more at : Livemint
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