ITR Filing process in just one day
The government on Jan 16 2019 said IT major Infosys will develop the next-generation income tax filing system for Rs 4,241.97 crore which will cut down the processing time for returns to one day from 63 days and expedite refunds.
Briefing media about the decision, he said the processing time at present for Income Tax Reurn (ITR) is 63 days and it will come down to one day after implementation of the project.
The new ITR filing project has significant benefits for the department and taxpayers through various functionalities “such as pre-filling of income tax returns (ITR) and acceptance by taxpayer as a means to improve accuracy and to reduce refund/processing turnaround time drastically”, according to a statement issued after the cabinet meeting.
The decision will ensure horizontal equity by processing returns filed by all categories of taxpayers across the country in a consistent, uniform, rule driven, identity blind manner. This will assure fairness in tax treatment to every taxpayer irrespective of their status.
The e-filing and Centralised Processing Centre (CPC) projects have enabled end-to-end automation of all processes within the Income Tax Department using various innovative methods to provide taxpayer services and to promote voluntary compliance.
- The broad’s objective of the integration project includes faster and accurate outcomes for taxpayer, enhancing user experience at all stages, improving awareness and education via continuous engagement, according to an official release.
- Besides, it will also be promoting voluntary tax compliance and managing outstanding demand.
Infosys to implement new ITR filing project
Currently, the e-filing portal and the CPC work separately. While e-filing is being managed by Tata Consultancy Services (TCS), the CPC is run by Infosys.
In the bids invited by the government, Infosys emerged as the lowest bidder and it would develop the ITR-CPC 2.0 project in 18 months from now.
Infosys Ltd has been selected to implement the next generation system for processing income tax return (ITR) filings, with the Union Cabinet sanctioning an estimated ₹4,241.97 crore for the project. The move will help in bringing down the income tax return (ITR) processing time to one day and hence speed up refunds.
The decision will ensure transparency and accountability besides faster processing of returns and issue of refunds to the taxpayers’ bank account directly without any interface with the Income Tax Department.
As per an official release, the broad objectives of the integration project include, faster and accurate outcomes for taxpayer, enhancing user experience at all stages, improving taxpayer awareness and education through continuous engagement.
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