Data suggests that some taxpayers may be facing delays in refunds as more than 2 crore returns are yet to be processed. Further, some taxpayers may be facing delays due to the non-verification of their returns. It is important for taxpayers to verify their returns within 30 days of filing Till August 6, over 80 lakh returns were yet to be verified at taxpayers’ end.
According to tax experts, faster processing of refunds depends on several factors. The tax department tries to process refunds within 20 to 45 days from the date of filing the ITR. However, this is a general timeframe. The maximum time limit to process ITR and send an intimation by the tax department is 9 months from the end of the financial year in which the return is furnished.
aniltikotekar4sme.com 