The revenue department will prepare such a system within two years, which will be processed within 24 hours, and within the same time the refund will be issued to the taxpayers. The government had allocated Rs 4,200 crore last month to improve the IT infrastructure of the Central Board of Direct Taxes (CBDT).
Revenue Secretary Ajay Bhushan Pandey said that the refund currently has its own online processing. This year, the refund of 1.50 lakh crores has been made directly in the bank accounts. Now the system is being improved further, so that taxpayers can get a refund in 24 hours. When asked about the deadline for the refund system to be implemented in 24 hours, he said that we will try to start it as soon as possible within the two-year deadline for launching Faceless Assessment.
While presenting the Interim Budget 2019-20, Finance Minister Piyush Goyal had said that the Income Tax Department is now working online and the job of answering the returns, assessments, refunds and questions is going online. Goyal said that in the last year 99.54% of the income tax returns have been accepted as the case was filed. Our government has started a revolutionary project centered on technology to make the Income Tax Department an asset friendly. Now all returns will be processed within 24 hours and during this time the refund will also be issued.