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Taxpayers to get refunds within 24 hrs

The revenue department will put in place, within 2 years, a mechanism to ensure that all income tax returns are processed within 24 hours and refunds issued simultaneously, an official said. The government has already sanctioned Rs 4,200 crore last month for upgradation of information technology infrastructure of CBDT for processing returns, refunds, faceless scrutiny and verification. Revenue Secretary Ajay Bhushan Pandey said currently refunds are processed online in an automated manner. In the current year, refunds to the tune of Rs 1.50 lakh crore have been given directly in bank accounts. 

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