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Your income tax returns will get processed in 24 hours and refunds issued simultaneously if interim Finance Minister Piyush Goyal has its way.
The Centre has also now approved a path-breaking, technology-intensive project to transform the Income-tax Department into a more assessee friendly one.
The Income-Tax Department now functions online. Returns, assessments, refunds and queries are all undertaken online. Last year, 99.54 per cent of the income-tax returns were accepted as they were filed. Even if your return were to be picked for scrutiny, the I-T Department is now looking to have a faster turnaround in terms of online verification and assessment of such returns. The idea is to reduce the harassment faced by taxpayers.
“Within the next two years, almost all verification and assessment of returns selected for scrutiny will be done electronically through anonymous back office, manned by tax experts and officials, without any personal interface between taxpayers and tax officers,” Goyal said in his interim Budget speech.
This would mean there would be little interface between the tax authorities and the assesses whose cases are picked for scrutiny.
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