Interim Budget 2024: Processing time of income tax returns slashed to just 10 days, says FM Sitharaman

Union Finance Minister Nirmala Sitharaman on Thursday said that the introduction of updated income tax returns, a new Form 26AS, and pre-filling tax returns have made filing of tax returns simpler and easier. The average processing time of returns has been reduced from 93 days in 2013-14 to a mere 10 days this year.

The significant decrease in the processing time for income tax returns highlights the positive effects of technological innovation. These improvements not only simplify bureaucratic processes but also enhance productivity, ultimately elevating the overall customer experience.

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Aastha Dhowan, Partner, N.A. Shah Associates, “The average processing time to process income tax returns has come down to 10 days from 93 days, which is a fantastic indicator of innovation in technology being used in the right direction.”

Further, the automation of tasks has substantially reduced the once tedious waiting periods linked to manual systems. In the budget speech 2023, the FM said, “In the last five years, our focus has been to improve tax-payer services. The age-old jurisdiction-based assessment system was transformed with the introduction of Faceless Assessment and Appeal, thereby imparting greater efficiency, transparency and accountability.”

This signifies a crucial transformation in organizational operations, propelling public institutions toward a more digital and efficient landscape. With ongoing technological advancements, the expectation for further enhancements in administrative efficiency grows. This shift underscores the imperative need to embrace emerging technological trends to propel service excellence.

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“Over the last 10 years, the direct tax collections have more than trebled, and the return filers have swelled to 2.4 times. I want to assure the taxpayers that their contributions have been used wisely for the development of the country and the welfare of its people. I appreciate the taxpayers for their support,” said FM in her Budget 2024 speech.