Friends,
The Central Board of Direct Taxes is leaving no stone unturned in order to popularise and encourage tax payers to electronically file their returns. The board has now announced another incentive to lure taxpayers to file e-returns, it has promised expeditious refunds in such cases.
Normally refunds take about 5-10 months to be processed, but in case of electronically filed returns, refunds where due, will be processed in a month’s time now. Sudhir Chandra, chairman, Central Board of Direct Taxes stated that the idea behind this incentive was that “We want tax-payers to file electronically as that helps in faster processing of refunds.”
Normally refunds take about 5-10 months to be processed, but in case of electronically filed returns, refunds where due, will be processed in a month’s time now. Sudhir Chandra, chairman, Central Board of Direct Taxes stated that the idea behind this incentive was that “We want tax-payers to file electronically as that helps in faster processing of refunds.”
Quick processing of refunds in case of e-filings happens because ‘E-filing ensures that tax payers’ information on income, taxes and refunds are uploaded in the tax system instantly and tax computations are processed on a real-time basis’.
E-filing of returns currently is mandatory for companies but optional for individuals.
