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Income Tax Department to issue faster refunds!
Income Tax Department plans to issue refunds for the ITRs pertaining to A.Y. 2016-17 which are filed online and e-verified within the due date by the end of this month i.e. 30 September 2016.
For the returns filed online but verification is done manually, refunds will be issued within two months of receipt of the signed acknowledgement by the CPC-Bengaluru.
The aim of the department is to reduce the time taken for issue of refunds to two months from four to six months.