Soon, ITR processing in one day!!

Soon, ITR processing in one day!!

The government informed that soon 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. For the expenditure sanction of Rs 4,241.97 crore for Integrated E-filing and Centralized Processing Centre 2.0 Project of the Income Tax Department has been approved by the Cabinet, chaired by Prime Minister Narendra Modi. The processing time at present for Income Tax Return (ITR) is 63 days and it will come down to one day after implementation of the project. It is expected to be completed in 18 months and will be launched after three months of testing. After the bidding process, Infosys has been selected to implement the project. The current system has been a success and new project will be more tax friendly. The e-filing and Centralized 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. For the existing CPC-ITR 1.0 project up to 2018-19, the Cabinet also sanctioned a consolidated cost of Rs 1,482.44 crore. Rs 1.83 lakh crore worth tax refunds worth have been issued so far in the current fiscal. Besides faster processing of returns and issue of refunds to the taxpayers' bank account directly without any interface with the Income Tax Department, the decision will also ensure transparency and accountability. 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. It will also be promoting voluntary tax compliance and managing outstanding demand.

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