Income Tax Refund- Big news for taxpayers. Income Tax Return meansITRThe last date for filing is coming closer. ITR can be filed without any charge till 15 September 2025. At the same time, if you think that it takes a lot of time to get Income Tax Refund, then times have changed now. In the last 11 years, tax refund has not only increased rapidly, but the time taken to process it has also reduced considerably.
While the Income Tax Department had issued a total refund of Rs 83,008 crore in the financial year 2013-14, it has increased to Rs 4.77 lakh crore in the financial year 2024-25. In this way, there has been a tremendous increase of 474 percent in the refund in the last 11 years. Not only this, while earlier it used to take an average of 93 days to get tax refund, now this time has been reduced to just 17 days, which means taxpayers no longer have to wait for long.
Also, the number of people filing Income Tax Returns (ITR) has more than doubled. There has been a 133 percent increase in the income tax returns filed since 2013. While 3.8 crore income tax returns were filed in the year 2013, now this number has increased to 8.89 crore in 2024. Apart from this, gross direct tax collection has increased by 274 percent from Rs 7.22 lakh crore in 2013-14 to Rs 27.03 lakh crore by 2024-25.
Reforms in the tax system
Government sources say that digitization of the tax system, faster processing and better technology are the reasons behind this reform. Digital India and a transparent tax system have made this entire change possible.