The Central Board of Direct Taxes (CBDT) on Thursday said it has reduced the time period for tax refunds to three months and would take steps to release arrear payment as fast as possible.

“We have brought down time for refund…Timing of rectification at the Central Processing Centre (CPC) level has been brought down to 3 months and so,” CBDT Chairperson Poonam Kishore Saxena said.

In the current financial year as on August 2012, the number of refunds disbursed stood 33.51 lakh, out of which 33.15 lakh refunds were executed through bank facility.

In case of refund bank facility, refund directly goes to account of concerned assessee.

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