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Income Tax return processing time to reduce from 63 days to just 1 day

Under the new system, Infosys will handle end-to-end solution - from e-filing to return assessment to refund processing

tax

The Union Cabinet on Wednesday approved an integrated income-tax e-filing and centralised processing centre (CPC) portal, which will reduce the return processing time from 63 days to just one day. The new portal is also expected to process the refunds within one day of filing of tax returns, in huge relief for taxpayers. However, one will have to wait for 18 months to see its launch. “Earlier, taxpayers would face troubles because of delay in refund processing and   the CBDT used to spend a lot of money every year as interest on pending refunds, which will be ...