After the implementation of the ITR filing project, which is being awarded to the software major Infosys for a cost of Rs. 4,242 crore project, the processing time for Income Tax Return (ITR) filing will be brought down to just one day from the previous 63 days long period. The move will hence help in speeding up refunds.
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"The Cabinet, chaired by Prime Minister 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.
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Briefing media about the decision, he said the processing time at present for ITR is 63 days and it will come down to one day after implementation of the project. Goyal further said the project is expected to be completed in 18 months and will be launched after three months of testing.
