In a bid to ease out the Income Tax Return (ITR) from taking 63 days long period to just one day after implementation of the project, which is being awarded to the software major Infosys for a cost of Rs. 4,242 crore project. The move will help in bringing down the income tax return (ITR) processing time to one day and hence speed up refunds.
The Cabinet, chaired by Prime Minister 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.
Briefing media about the decision, he said the processing time at present for ITR is 63 days and it will come down to one day after implementation of the project. IT major Infosys has been selected to implement the next generation system for processing income tax return filings. The move will help in bringing down the income tax return (ITR) processing time to one day and hence speed up refunds.