Your income tax return will soon be processed in one day:- Giving information to the media about the decision, he said that currently the processing time for an income tax return (ITR) is 63 days and it will come down a day after implementation of the project.
Your income tax return will soon be processed in one day
The government said on Wednesday that IT major Infosys will develop the next generation income tax filing system for Rs 4,241.97 crore, which will cut the processing time of 63 days to one day and accelerate the refund. Union Minister Piyush Goyal said that under the chairmanship of Prime Minister Narendra Modi, the Cabinet gave its approval to spend Rs 4,241.97 crore for integrated e-filing and centralized processing center of Income Tax Department 2.0 project. Giving information to the media about the decision, he said that currently the processing time for an income tax return (ITR) is 63 days and it will come one day after the implementation of the project.
Goyal said that this project is expected to be completed in 18 months and it will be launched after three months of testing. Infosys said, after the bidding process, the project has been selected to be implemented. The present system, he said, has been a success and the new project will be more tax friendly.
E-Filing and Centralized Processing Centers (CPC) projects have enabled end-to-end automation of all processes within the Income Tax Department using various innovative methods to provide taxpayer services to the tax department and promote voluntary compliance. The Cabinet also approved the consolidated cost of Rs 1,482.44 crore for the current CPC-ITR 1.0 project till 2018-19. Goyal also said that tax refunds of Rs 1.83 lakh crore have been issued in the current financial year so far.
That decision will ensure transparency and accountability besides returning and issuing returns in the bank account directly to taxpayers without any interface with the Income Tax Department. According to an official release, the broad objectives of the integration project include fast and accurate results for the taxpayer, increasing the user experience at all stages, taxpayer awareness and continuous improvement in education. Apart from this, it will also be done to promote voluntary tax compliance and manage the outstanding demand.