20
Saturday
April 2019
7:47 AM IST
News Headlines
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | Health   | About Deepika 
Business News
In 2 years, income tax payers to start getting refunds within 24 hours
 
New Delhi, Feb 5 (PTI) The revenue department will put in place within two years a mechanism to ensure that all returns are processed within 24 hours and refunds issued simultaneously, an official said.

The government has already sanctioned Rs 4,200 crore last month for upgradation of information technology infrastructure of Central Board of Direct Taxes (CBDT) for processing returns, refunds, faceless scrutiny and verification.

Revenue Secretary Ajay Bhushan Pandey said currently refunds are processed online in an automated manner. In the current year, refunds to the tune of Rs 1.50 lakh crore have been given directly in bank accounts.

Now the system is being further upgraded so that refunds can be received within 24 hours.

When asked about the timeline for implementing 24-hour refund, Pandey told PTI: "We will try to do it as soon as possible, within the same time frame as faceless assessment, within 2 years".

While presenting the 2019-20 interim budget, Finance Minister Piyush Goyal had said the Income Tax Department now functions online and returns, assessments, refunds and queries are all undertaken online.

"Last year, 99.54 per cent of income-tax returns were accepted as they were filed. Our Government has now approved a path breaking, technology intensive project to transform the I-T Department into more assessee-friendly one. All returns will be processed in 24 hours and refunds issued simultaneously," Goyal said.

The minister said within next two years, almost all verification and assessment of returns selected for scrutiny will be done electronically through anonymised back office, manned by tax experts and officials, without any personal interface between taxpayers and tax officers.

Anonymous returns scrutiny through back office, Pandey said "will also bring in transparency and minimise any subjectivity or human interface".


OYO launches OPEN programme for asset owners
Sensex slips from lifetime high on profit booking
Govt to allocate 440 vacant Jet slots to other airlines
Blue Star launches 75 models in AC range, eyes 13.5 pc market share in FY20
Jet Airways grounds ops temporarily; Secy calls urgent meeting
Jet Airways operating 5 planes, seeks emergency funds: Kharola
3 private players offer ideal, healthy competition: Vodafone Idea CEO
Lenders to Jet working on revival, no final decision yet: PNB MD
UK business says Brexit extension averts crisis
Jaitley discusses India's economic reforms with investors in US
RBI imposes Rs 1 lakh penalty on Lucknow-based co-op bank
Hyundai to train 10k sales consultants for its global connected tech
Facebook to block foreign ads for Australia election
Gold slumps Rs 80 on weak demand
SC quashes RBI circular on insolvency issued last year
Rupee slips 22 paise against US dollar in early trade
Zomato launches food delivery business in 200+ cities
GST collections at record Rs 1.06 lakh cr
VSP achieves record sales turnover of Rs 20,844 cr in 2018-19 : CMD
Shanghai becomes world''s first district with 5G coverage
KERALA NEWS
Sexist remark: Electoral Officer warns ruling LDF leader
 Thiruvananthapuram: Ruling Left Democratic Front convenerA Vijayaraghavan was Thursday served a warn  
CPI-M-led LDF holds road show in Wayanad
Toddler in coma after being beaten up; Mother arrested
Rahul Gandhi visits kin of late KC(M) leader KM Mani
INTERNATIONAL NEWS
Pak's Fin Min Asad Umar quits ahead of IMF deal
 Islamabad: Pakistan's Finance Minister Asad Umar abruptly quit the Cabinet on Thursday before securi
Americans await bombshell Mueller report
Four killed, five injured in Mogadishu car bombing
Peru ex-president Garcia dies after shooting himself
NATIONAL NEWS
Something wrong with EVMs, need to study them: Pitroda
 Ahmedabad: Technocrat-turned-politician Sam Pitroda said Thursday that he feels there is something w
Man hurls shoes at BJP leaders during press conference
Terrorism, Naxalism grew under Modi govt: Sachin Pilot
After I-T raids, Shiv Sena picks holes in demonetisation
Untitled Page
Rashtra Deepika LTD
Copyright @ 2019 , Rashtra Deepika Ltd.