Tax payers now to get rid of late refunds and sedate return processing..!
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New Delhi, January 17: The Union Cabinet in it’s decisions on Wednesday selected the IT major Infosys ltd to implement the next generation system for processing income tax return filing. The amount sanctioned for this project measures Rs 4241.97 crores which will bring down the processing time for returns and speed up the refunds in relation.
The Cabinet, chaired by PM Narendra Modi, addressed by the Rail Minister Piyush Goyal said, “The processing time at present for ITR is 63 days and it will come down to one day after implementation of the project. The said project is expected to be completed in 18 months and will be launched after three months of testing”.
“Infosys has been selected to implement the project after the bidding process. The current system has been a success and new project will be more tax friendly. 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”, he added.
The Cabinet also sanctioned a consolidated cost of ₹1,482.44 crore for the existing CPC-ITR 1.0 project up to 2018-19. Goyal also informed that tax refunds worth ₹1.83 lakh crore have been issued so far in the current fiscal. “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”, he added.
As per the 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.