US EditionI-T refunds jump 474 pc since 2013-14, issuance time improves in past 11 years
- Income Tax refunds have surged by 474% over the last decade, increasing from Rs 83,008 crore in FY14 to Rs 4,76,743 crore in FY25, as reported by sources from the Principal Chief Controller of Accounts and the Central Board of Direct Taxes.
- The average wait time for refunds has decreased by 81%, from 93 days in 2013 to just 17 days in 2024, as a result of tech-led reforms in tax administration, according to sources.
- The number of income tax returns filed has increased by 133%, from 3.8 crore in 2013 to 8.89 crore for AY 2024-25, according to sources.
- Refunds as a percentage of total direct taxes collected increased from 11.5% in FY14 to 17.6% in FY25, reflecting greater participation in the tax system, as noted by sources.
15 Articles
15 Articles
연합뉴스-Yonhap News Agency
Daum(Sejong = Yonhap News) Reporter Song Jeong-eun = As some YouTubers are consistently being accused of not paying taxes properly despite earning hundreds of millions of won, the tax authorities last year...
The Siasat Daily
Time taken for tax refunds in India cut from 3 months to 17 days in last 11 years
New Delhi: The average number of days it takes for taxpayers to get refunds from the Income Tax Department in India has come down drastically from 93 days in 2013 to a mere 17 days in 2024, reflecting the increased efficiency in the system on the back of rising digital infrastructure that enables faceless online disbursals. The introduction of pre-filled returns, automation in refund processing, real-time TDS adjustments and online grievance red…
I-T Refunds Jump 474 Pc Since 2013-14, Issuance Time Improves in Past 11 Years
Get latest articles and stories on India at LatestLY. Income Tax refunds have jumped 474 per cent in the last 11 years to Rs 4.77 lakh crore in 2024-25, significantly outpacing the 274 per cent growth in gross tax collections, sources said on Sunday. India News | I-T Refunds Jump 474 Pc Since 2013-14, Issuance Time Improves in Past 11 Years.
I-T refunds jump 474 percent since 2013-14, issuance time improves in past 11 years
New Delhi: Income Tax refunds have jumped 474 percent in the last 11 years to Rs 4.77 lakh crore in 2024-25, significantly outpacing the 274 percent growth in gross tax collections, sources said on Sunday. Also, there has been an 81 per cent decrease in number of days it takes to issue income tax refunds decreasing from 93 days in 2013 to just 17 days in 2024. As of 2013-14, the last year of the UPA rule, refunds issued by the Income Tax departm…
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