Tax Payers To Get IT Refund In Quick Time

New Delhi, Aug 24: The Income Tax Department has set its sights on shortening the average processing duration for tax refunds.

According to a Business Standard report, the tax authority is actively considering a reduction in the processing time, aiming to trim it down to 10 days from the current span of 16 days. This proposed adjustment is anticipated to be put into effect within the ongoing fiscal year.

Archit Gupta, the Founder and CEO of Clear, remarked, "Given the increasing number of inquiries regarding refund statuses, expediting the disbursement to taxpayers expecting refunds post e-filing would be a positive step. With a substantial volume of taxpayers filing on schedule, there's a collective anticipation for a swifter processing of refunds."