New Delhi [India], December 13 (ANI): The income tax (I-T) department has issued 66.92 per cent higher refunds from April 1 till November 30, 2022 (April 2022-November 2022) as compared with the previous year's.

According to the finance ministry, the income tax department has sped up the issue of refunds till November in fiscal 2022-23 (FY2022-23) compared to the corresponding period in 2021. Refunds amounting to Rs 2.15 lakh crore were issued between April 1, 2022, and November 30, 2022.

Also Read | India vs Bangladesh 1st Test 2022 Preview: Likely Playing XIs, Key Players, H2H and Other Things You Need to Know About IND vs BAN Cricket Match in Chattogram.

According to the department verification of income tax return (ITR) is a prerequisite for processing. About 96.5 per cent of the returns filed till November 30, 2022, have already been e-verified. The period of verification has been reduced from 120 days to 30 days.

More than 2.42 crore ITRs were processed in a single day for assessment year (AY) 2022-23. Average processing time of ITRs has been reduced from 26 days in FY2021-22 to 16 days in FY2022-23. About 75 per cent of ITRs were processed within seven days of filing.

Also Read | Argentina vs Croatia, FIFA World Cup 2022 Semi-Final Live Streaming & Match Time in IST: How to Watch Free Live Telecast of ARG vs CRO on TV & Free Online Stream Details of Football Match in India.

The department has shown steady growth in direct tax collections. Net collection in FY 2022-23 is 24.26 per cent higher than the net collection for the corresponding period of the preceding year. As much as 61.79 per cent of Budget Estimates for FY2022-23 has already been achieved.

To encourage voluntary compliance and reduce litigation, the facility of updated returns introduced to give an opportunity to taxpayers to update the ITR any time within two years from the end of the relevant A.Y. by paying additional tax. Pre-filled data from various statutory forms and past records made the filing of ITRs more user-friendly and smoother. A substantial portion of data is pre-filled, making compliance easier. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)