There is a good news for lakhs of taxpayers, the income tax department will now issue the refunds in a short period of time of 7-10 days because of its latest technology and aadhaar based ITR verification.
The income tax department started e-verification of ITRs from assessment year 2015-16 though adhaar otp or other bank details and because of this latest initiative of the income tax department eligible taxpayers was able to receive the refunds within 15 days time.
Years before the income tax department used to take months or even years in some cases to issue the income tax refunds. But due to the new and improved technology of online ITR filing and e-verification, it has given a relief to the eligible tax payers who used to wait for a long period of time to receive their income tax refunds, now the department has introduced the user-friendly technology in order to issue the refunds within a maximum period of 10 days.
According to the latest statistics the number of tax payers and itr filing assessees has increased rapidly in the last few months due to its innovative technology and less time consuming process of ITR filing and processing.
In the past year also, many tax payers have reportedly received their income tax refunds in a time frame of 11 to 13 days.
The new system of verification of ITR has been introduced in the last month which enables a taxpayer to verify the return filed electronically through either the Aadhaar number, internet banking, ATM or email, instead of sending the hard copies of ITR-v to the CPC Bengaluru.
The Central Board of Direct taxes has been has recently said that it improving tax payer services through continues development of the technology is the departments top priority.