The Cabinet, chaired by Prime Minister Narendra Modi, approved Integrated E-filing and Centralised Processing Centre (CPC) 2.0 of the Income Tax Department. The Union Minister said that an expenditure sanction of Rs. 4,241.97 crore has been given to the CPC 2.0 Project.
IT giant Infosys has been selected to implement the next generation Income Tax Return (ITR) filing system a high profile bidding process. The Union minister added that the project is expected to be completed in 18 months, and will be launched after 3 months of testing.
The new project implementation is expected to bring down the ITR processing time to just one day and speed up the refund of the taxes; a tax-friendly move. Currently, the processing of ITR takes around 63 days and it will come down to one day after the successful launch of the project.
As communicated with an official release, the broad objectives of CPC-ITR 2.0 project include high-speed and reliable outcomes for the taxpayers, improving the user experience at all stages, increasing taxpayer awareness and knowledge through constant engagement.
The Cabinet has also sanctioned a consolidated cost of Rs.1482.44 crore for the existing CPC-ITR 1.0 Project up to Financial Year (FY) 2018-19.
A successful launch of CPC-ITR 2.0 project will ensure transparency and accountability besides faster processing of the ITRs and issuance of refunds quickly without any interface with the IT department.
I am an aspiring Chartered Accountant. I spend most of my free time dredging through the various Indian finance subreddits. I am a semi-professional bowler with a high strike rate every time there is a new tax reform!