Infosys to develop advance Tax filing System
The Union government has approved Integrated E-filing and Centralised Processing Center 2.0 Project of the Income Tax Department to enhance the efficiency of income tax administration system in the country.
Integrated E-filing and Centralised Processing Center 2.0 Project
The objectives of the Integrated E-filing and Centralised Processing Center 2.0 Project are:
- Faster and accurate outcomes for taxpayer.
- First time right approach.
- Enhancing user experience at all stages.
- Improving taxpayer awareness and education through continuous engagement.
- Promoting voluntary tax compliance.
- Managing outstanding demand.
The project would aid in reducing the time it takes the department for processing returns to just 24 hours from 63 days. The project is also expected to reduce the rectification requests from the current 2% to 0.1% together with reducing the time taken to process rectification requests.
The decision to implement the advance tax filing system was taken to bring transparency and accountability besides faster processing of returns and issue of refunds to the taxpayers’ bank account directly without any interface with the Income Tax Department. As an added advantage the system can aid in promoting voluntary tax compliance and managing outstanding demand due to automation.
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Month: Current Affairs - January, 2019