Income tax return processed in just 10 hours, refund issued in 12. Have you filed your ITR yet?

It seems the Income Tax Department is processing income tax returns and issuing applicable refunds in a record time this year.

MK Nathan, a taxpayer, on Thursday (July 17), shared his experience with the Income Tax Department on X, saying his ITR form was processed and a refund issued within 24 hours.

After processing, the income tax refund was issued to his bank account within the next 12 hours at 8.18 am on Thursday.

"The new #ITR1 form filed yes'day @ 12:28PM&it got processed & confirmation email recd within 🔟Hrs @ 8:57PM. #IncomeTax Refund recd within 1️⃣2️⃣Hrs @ 8:18AM after it has been processed. Hope this is d record tat #ITR form processed& refund issued within 2️⃣4️⃣Hrs," the taxpayer wrote while tagging the Income Tax department.

The income tax department replied to the appreciation post by the taxpayer, saying, "Glad to hear that. Thank you for the acknowledgement."

How much time does it take for ITR processing and refund?

The income tax department has been trying to reduce the total time taken for processing ITRs and the issue of refunds in the last few years.

While Nathan's tax-filing experience was smooth with a very small turnaround time of just 24 hours, many taxpayers have to wait a few days for the entire process to be completed.

Usually, if there is no complication, then the entire return filing process may take up to 10 days or a little more.

However, the turnaround time is generally very small when the taxpayer doesn't have multiple sources of income and deductions to claim.

As of July 17, over 1.36 crore returns have been filed, of which the tax department has already processed more than 1.12 crore returns.

Have you filed your return yet?