CII Survey Indicates Accelerated Income Tax Refund Procedure

Government initiatives aimed at streamlining and automating the tax system have increased confidence among taxpayers in the Income Tax Department, as per a CII survey. The survey disclosed that 87% of individual respondents and 89% of firms found the process of claiming income tax refunds convenient. Additionally, over 90% of both individual and enterprise respondents stated that the Income Tax Return (ITR) refund is automatically generated after filing the ITR.

The survey, presented to Finance Minister Nirmala Sitharaman, indicated that 83% of surveyed individuals and 85% of firms reported an increased trust in the Income Tax Department. 

The comprehensive measures introduced by the government in recent years to streamline, simplify, and automate the taxation system have yielded positive results, as evidenced by the optimistic survey findings on the speed and efficiency of income tax refunds conducted by CII. The survey also highlighted a significant reduction in the waiting time for income tax refunds over the past five years.

The noteworthy decrease in the time it takes to receive a refund, observed for both individuals and firms, is a positive sign. It indicates the government's continuous commitment to simplifying and streamlining the process over the years, as stated by the Director General of CII. The survey, carried out in October this year with 3,531 participants, of which 56.4% were individuals and 43.6% were firms, highlights these improvements.

Also Read: GST e-way Bill Guide: Required Documents, Bill Format, Exemption Under GST, Validity & More

Leave a reply