IT returns to be processed in one day

IT returns to be processed in one day

The Narendra Modi government has initiated a major reform in Income Tax administration.  In association with IT giant Infosys, it will develop the next-generation IT filing system that will bring down the processing time for returns to just one day.  As of now, it takes about sixty-three days.

The total cost of the project is estimated to be Rs 4,242 Cr.  As per a statement by Union Minister Piyush Goyal, refunds will get easier after this major reform.  It will take at least 1.5 years for this change to come into effect.  Proper systems have to be developed and implemented without hiccups.  

Welcoming the decision, Union Minister of State Babul Supriyo said, "This is a big relief to all the income tax payers. Income tax return will soon be processed in one day. The decision will ensure transparency & accountability besides faster processing of returns."