Govt clears Rs 4,242cr IT-filing project, selects Infosys as developer

The government on Wednesday said IT major Infosys will develop the next-generation income tax filing system for Rs 4,241.97 crore which will cut down the processing time for returns to one day from 63 days and expedite refunds.

The Cabinet, chaired by Prime Minister Narendra 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 Income Tax Reurn (ITR) is 63 days and it will come down to one day after implementation of the project.

Goyal said the project is expected to be completed in 18 months and will be launched after three months of testing.

Infosys, he said, has been selected to implement the project after the bidding process.

The current system, he said, has been a success and new project will be more tax friendly.

The e-filing and Centralised Processing ..