Income Tax Department processes 92% of Income Tax Returns within 60 days

The Government of India's Income Tax Department has processed 92% of Income Tax Returns (ITRs) within 60 days for the current financial year 2016-17(FY17). 

Income Tax Department processes 92% of Income Tax Returns within 60 days
he amount of refunds issued at Rs 1.42 lakh crore is 41.5% higher than the corresponding period last year. Representational Image. Image Source: Reuters
By Tejal Yerunkar
Updated: Mon, Feb 13, 2017
07:29 pm
Mumbai , ZeeBiz WebDesk
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Highlights: 

1. The Centralised Processing Centre (CPC) of the Income Tax Department (ITD) at Bengaluru has already processed over 4.19 crore Income Tax Returns (ITRs)

2. It  has issued over 1.62 crore refunds during the current financial year up to February 10, 2017

The Income Tax Department's commitment to provide faster and more efficient service to its taxpayers has earned fruits resulting in the department processing 92% of income tax returns for the current financial year within 60 days. 

ALSO READ: Tax office sets August 31 deadline to clear pending ITRs, refunds

"As a result of emphasis on expeditious issue of refunds, 92% of all Income Tax Returns (ITRs) were processed within 60 days demonstrating Central Board of Direct Taxes ' (CBDT) commitment to faster and more efficient taxpayer service. Of the refunds issued, 92% are below Rs 50,000 due to the high priority given to expeditious issue of refunds to small taxpayers," Press Information Bureau said in a press release on Monday. 

The Centralised Processing Centre (CPC) of the Income Tax Department (ITD) at Bengaluru has already processed over 4.19 crore Income Tax Returns (ITRs) and issued over 1.62 crore refunds during the current financial year up to February 10, 2017, it said. 

The amount of refunds issued at Rs 1.42 lakh crore is 41.5% higher than the corresponding period last year. 

According to the release, taxpayers reposed faith in CBDT’s e-governance initiatives by filing electronically a whopping 4.01 crore ITRs till February 10, 2017 representing an increase of 20% over the previous year. 

Also, more than 60 lakh other online forms were filed with an increase of nearly 41% compared to the previous year, it said. 

ALSO READ: Did not file your income tax returns yet? Here are a few steps to follow 

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