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Sun, Feb 17, 2019 | Last Updated 7:23 pm IST

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New I-T return filling system be developed by Infosys

New I-T return filling system be developed by Infosys
New I-T return filling system be developed by Infosys

According to sources Indian IT major Infosys has received cabinet approval to develop, what is being called, the next generation income tax filing system, which will cut down the processing time for returns from 63 days to one day and expedite refunds. Meanwhile the integrated E-filing and Centralized Processing Centre 2.0 Project of the Income Tax Department will be developed by Infosys at a cost of Rs 4,241.97 crore.

Reports added the Cabinet has also sanctioned a consolidated cost of Rs 1,482.44 crore for the existing CPC-ITR 1.0 project up to 2018-19. Hence this is the current system that is being used to process I-T returns and will be used till the new one becomes operational. Meanwhile Union Railway Minister Piyush Goyal, the project, which he claims will be more tax friendly, will be completed in 18 months, then tested for three months and then launched. Post this, the processing time for income tax will come down to one day.

New I-T return filling system be developed by Infosys

Moreover PTI also quotes Piyush Goyal as saying that tax refunds worth Rs 1.83 lakh crore have been issued so far in the current fiscal. Reportedly in the current fiscal, the government processed Rs 1.83 lakh crore worth of tax refunds and hence these refunds are reportedly issued after a lot of scrutiny and if there is a delay, the government is liable to pay interest.

New I-T return filling system be developed by Infosys
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