an effort to reduce the processing time for refunds to just one day from 63 days
now, the central government has selected IT-major Infosys to develop a Rs.
4,241.97 crore worth next-generation income tax filing system. The new project
is expected to be completed in about 18 months and will be launched after three
months of testing, government said. The government aims to implement the new
project for filing of I-T returns in 2020.
meeting chaired by Prime Minister 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”, Union
minister Piyush Goyal said in a press communique.
system would cut down troubles for the taxpayers on account of delay in
processing of refunds, clarified Piyush Goyal. Even the Central Board of Direct
Taxes (CBDT) used to spend a lot of money in the form of interest on pending
refunds, he added. The reduction in processing period would help both the
taxpayers and CBDT in various ways, he also insisted.
from other things the new system is expected to enhance transparency and
accountability, and also faster process returns and issue refunds to the
taxpayers’ bank account directly without any unnecessary interface with the
Income Tax Department.
The new project is
likely to enhance user experience at all stages, improve taxpayer awareness and
education through continuous engagement, the government also said. In
addition, it would also promote voluntary tax compliance and managing