Average time for ITR Processing is 16 days; More than 42% ITRs Processed in 1 day Compared to Last Fiscal year : CBDT Chairman
Average time for ITR Processing – ITR Processed – Last Fiscal year – CBDT Chairman – TAXSCAN
Average time for ITR Processing – ITR Processed – Last Fiscal year – CBDT Chairman – TAXSCAN
On July 24, 2023, the 164th Income Tax Day was commemorated with a special event. The Union Finance Minister inaugurated the function at 6 pm, which was graced by the presence of various dignitaries from the central government, statutory bodies, and other important guests.
A noted speech was given by the Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta. He welcomed the dignitaries on behalf of the Income Tax Department.
He remarked that the Department's primary emphasis has been on improving taxpayer services and utilizing technology to simplify compliance procedures, observing this trend over the years. He then provided an overview of some notable achievements during the last fiscal year, such as a remarkable 17.6% growth in net collections and a 6.5% increase in the number of filed Income Tax Returns (ITRs) compared to the previous year.
The chairman mentioned that “The average processing time for returns is now just 16 days, with more than 42% of ITRs having been processed in 1 day in the last fiscal.”
He mentioned that He noted that the motto of 3 R’s - quicker processing of returns, issue of refunds and redressal of grievances - outlined by the Finance Minister during the FM Award Ceremony of 2022 has been the focus of the Department’s functioning.
The Chairman further stated that the improved efficiency in processing has led to faster issuance of refunds, evident from the total refunds amounting to Rs. 3.07 lakh crore in the previous year, marking a significant 37% increase compared to the previous year.
Substantial efforts have been directed towards addressing grievances promptly, with diligent monitoring and utilizing various channels for grievance redressal, such as helpdesks, call centers, social media, and Webex.
The Union Finance Minister, Nirmala Sitharaman, highlighted that transformative changes in the Direct tax administration, such as prefilling of forms, instant PAN, and faceless assessment, have significantly increased taxpayer confidence and simplified compliance processes, resulting in revenue growth.
Also read: Central Govt sends 1 Lakh notices for Non-Filing of Returns, Underreported and Misrepresented Income
She also emphasized the numerous reforms introduced by the Union Government through the Finance Act 2023 to offer relief to the salaried class, start-ups, MSMEs, and cooperative societies.
The Revenue Secretary reiterated that the Department should continue to focus on the 3 ‘I’s (Industry, Innovation, Integrity). Citing the example of sportspersons, he underscored the importance of small wins for happiness and urged the Department to continue to progress in that direction. He stressed upon the need to focus more on taxpayer services and increased automation.
Union Minister of State (Finance), Shri Pankaj Choudhary, MohitSahney (MD & CEO, Finova Capitals), ShriAniket Sunil Talati (President, ICAI) and Ms. Supriya Paul (CEO, Josh Talks), Ravikant, IRS (Retd), ex- Chairman, CBDT, Union Minister of State (Finance)..etc joined the function.
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