Filing of Income-tax returns and its processing is going to be hassle-free and much faster with the introduction of Rs. 4,241 crore project for integrated e-filing and centralized processing resulting in ‘One day’ Income-tax refund.
The project is to be executed by Infosys Ltd. and is estimated to be completed within 18 months and would be implemented in time for filing of returns in 2020. It will add many features to the e-filing portal to offer variety of user friendly pre-filled tax forms which can be further be modified and validated by the tax payers.
At present, it takes an average 2 month to process the Refund, which is estimated to come down to just one day with the introduction of this new mechanism. Under the new system, the taxpayers will get pre-filled income tax return form consisting their name, PAN and other details already available with the department such as interest income and TDS as reflecting in Form 26AS.
It is estimated to promote voluntary compliances and enhanced experience of the taxpayers. Faster processing of returns, issuance of refunds within one day, providing status updates and speedy communication would ensure transparency and accountability.