Good news has come for the taxpayers because Infosys is going to develop a new income tax filing system at the cost of Rs 4,241.97 crores said the government that will help to decrease the processing time for returns from 63 days to one day and expedite refunds. Union Minister Piyush Goyal said about the decision that “the Cabinet held by PM Narendra Modi gave its approval to expenditure sanction of Rs 4,241.97 crore for Integrated E-filing and Centralised Processing Centre 2.0 Project of the Income Tax Department”. He also said that after the implementation of the project, the time taken for processing the ITR (Income Tax Return) which is 63 days will decrease to one day.
Goyal added that the project will take approx. 18 months to complete and after three months of testing, it will be launched. He said that, for implementing the project, a bidding process was held in which Infosys came out as the winner due to which this project will be executed by Infosys. He also added that the current income tax filing system is running successfully and he assures that the new next-generation income tax filing system will be more successful and tax beneficial.
To give taxpayer services and to encourage voluntary compliance through different ideas, the CPC (Centralised Processing Centre) and the e-filing projects have been doing end-to-end automation of all processes within the Income Tax Department. The present CPC-ITR 1.0 project was approved at the cost of Rs 1,482.44 crores which is up to 2018-2019. In the present financial year, till now, Rs 1.83 lakh crore tax refunds have been issued.
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The new project will give accountability, transparency and the returns will be processed faster. The taxpayer will get the refunds directly in the bank account without any link with the Income Tax Department. As per the official release, the main aim of the new project is that it will improve the user experience due to which they will learn and the results will be faster and accurate. Apart from this, the new project will also encourage voluntary tax compliance and will go through any tax refunds pending.
