Over 50% of individuals and more than 80% of CII survey respondents said they had more faith in the tax department because they had received income tax refunds in less than a month for over half of individuals and 45% of businesses.
Faster return processing and issue of refunds has been a thrust area for the government and the survey indicates that the feedback has been positive.
Refunds could take up to a year, prior to the process being automated a few years ago
While 88% of the people and businesses surveyed—which included over 3,500 respondents—said refunds were processed more quickly than they were five years ago, 65-70% of the same respondents thought wait times had decreased since a year ago. According to the survey, more than 62% of participants thought the refund procedure was “very convenient.”
When asked about TDS system, three-fourths of individuals said there was no excess deduction, but results clearly pointed to scope for improvement when it came to businesses as only 22% responded by saying they did not pay extra TDS. At least 26% of the business entities said they had paid 10-20% above their liability.
“The extensive measures, which have been introduced by the government in the recent years to streamline, simplify and automate the taxation regime have borne rich dividends as is evident from the upbeat survey results on assessing speed and efficiency of income tax refunds conducted by CII,” said R Dinesh, who leads the industry lobby.
Disclaimer: The article or blog or post (by whatever name) in this website is based on the writer’s personal views and interpretation of Act. The writer does not accept any liabilities for any loss or damage of any kind arising out of information and for any actions taken in reliance thereon.
Also, www.babatax.com and its members do not accept any liability, obligation or responsibility for author’s article and understanding of user.
For Collaborating with us-
- Mail us at [email protected]
- Whatsapp us at +91-702498492