Soon, your income tax return will be processed in just one day and
refunds would be made quickly. This will be possible thanks to a new
integrated portal of the Income Tax Department.
Meanwhile, the Government has also decided to recapitalise EXIM Bank to facilitate assistance to exporters.
The Union Cabinet, in its meeting held on Wednesday Jan 16,2019, approved a proposal for an Integrated E-filing & Centralized Processing Center 2.0 Project of the Income Tax Department. It would involve a cost of Rs 4,241 crore. “At present, the average return processing time is 63 days, which will be reduced to just one day,” Railway Minister Piyush Goyal told presspersons after the Cabinet meeting. He also informed that Infosys was awarded the contract to develop the project in a transparent bidding process.
According to a Government statement, the broad objectives of this project include faster and accurate outcomes for taxpayers, first time right approach, enhancing the user experience at all stages, improving taxpayer awareness and education through continuous engagement, promoting voluntary tax compliance and managing outstanding demand.
The decision will ensure horizontal equity by processing returns filed by all categories of taxpayers across the country in a consistent, uniform, rule-driven, identity-blind manner. This will assure fairness in tax treatment to every taxpayer irrespective of their status. By faster processing of returns and issue of refunds to the taxpayer's bank account directly without any interface with the Department, by adhering to international best practices and standards (ISO certification) and by providing processing status updates and speedy communication using mobile app, email, SMS on the Department website, the decision will ensure transparency and accountability.
This approval has significant benefits for the department and taxpayers through various functionalities such as pre-filling of ITR and acceptance by the taxpayer as a means to improve accuracy and to reduce the refund/ processing turnaround time drastically, facilitation of taxpayers by resolving outstanding tax demands, integrated contact centres for taxpayer assistance and a tax payer outreach programme through digital media and an employer/ partner accreditation programme to bring significant enhancement in services to taxpayers
Meanwhile, the Government has also decided to recapitalise EXIM Bank to facilitate assistance to exporters.
The Union Cabinet, in its meeting held on Wednesday Jan 16,2019, approved a proposal for an Integrated E-filing & Centralized Processing Center 2.0 Project of the Income Tax Department. It would involve a cost of Rs 4,241 crore. “At present, the average return processing time is 63 days, which will be reduced to just one day,” Railway Minister Piyush Goyal told presspersons after the Cabinet meeting. He also informed that Infosys was awarded the contract to develop the project in a transparent bidding process.
According to a Government statement, the broad objectives of this project include faster and accurate outcomes for taxpayers, first time right approach, enhancing the user experience at all stages, improving taxpayer awareness and education through continuous engagement, promoting voluntary tax compliance and managing outstanding demand.
The decision will ensure horizontal equity by processing returns filed by all categories of taxpayers across the country in a consistent, uniform, rule-driven, identity-blind manner. This will assure fairness in tax treatment to every taxpayer irrespective of their status. By faster processing of returns and issue of refunds to the taxpayer's bank account directly without any interface with the Department, by adhering to international best practices and standards (ISO certification) and by providing processing status updates and speedy communication using mobile app, email, SMS on the Department website, the decision will ensure transparency and accountability.
This approval has significant benefits for the department and taxpayers through various functionalities such as pre-filling of ITR and acceptance by the taxpayer as a means to improve accuracy and to reduce the refund/ processing turnaround time drastically, facilitation of taxpayers by resolving outstanding tax demands, integrated contact centres for taxpayer assistance and a tax payer outreach programme through digital media and an employer/ partner accreditation programme to bring significant enhancement in services to taxpayers
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