Income Tax Refund processed within a month: CII Survey:

Income Tax Refund processed within a month: CII Survey Over 45% of businesses received Income Tax Refunds within a month, which was a major element for over eighty percent of CII survey respondents, showing improved trust in the tax department.

Five Interesting Statistics from Taxpayers Survey by CII

1) 87% of individuals and 89% of firms find claiming income tax refunds convenient:

• Both groups experienced a significant reduction in waiting times for tax refunds over the last 5 years (89% individuals, 88% firms).
• Conducted in October, more than half the respondents were individuals.

2) 84% of individuals and 77% of firms report smooth checking of refund status:

• Results presented to Finance Minister Nirmala Sitharaman demonstrate Government's steps to streamline, simplify, and automate tax processes yield positive outcomes.

3) 75% of individuals do not overpay TDS, while 8% of TDS payers exceed their liability by 10-20%, and 22.4% of entities surveyed do not pay additional TDS. The survey findings on tax deducted at source (TDS) show.* 4) 53% of individuals receive refunds in less than a month while 48.9% of firms experience varying wait times between one and three months.* 5) Increased trust factor reported with 83% of individuals and 85% of firms trusting the income tax department: The majority of respondents, including individuals, firms, and enterprises, mention the automatic generation of income tax refunds post-filing. Government initiatives include broadening the tax base, rationalizing tax rates, and enhancing data collection and analytics for efficient tax administration and faster refunds. Most Taxpayers seem happy with the functioning and response from Income Tax India.