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I-T Refunds in 24 Hours by 2020: Rs. 4,242 Crore Tax Filing System to Be Built by Infosys

Author : Odisha Today Bureau | Posted on: 2019-01-18

In 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.

 

The Cabinet 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.

 

The new 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.

 

Apart 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 outstanding demand. 

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