New Delhi: The Cabinet on Wednesday approved Rs 4,241.97 crore to set up an integrated e-filing and processing centre which aims to cut down the processing time for income tax returns from 63 days to one day. “The Cabinet has given 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 told reporters.
The Cabinet also approved the expenditure sanction for the consolidated cost of Rs 1,482.44 crore of the existing CPC-ITR 1.0 project up to FY 2018-19.
“After the completion of this project, turnaround time for processing I-T returns will drastically come down from the current average of 63 days to one day. Refunds will also become much faster,” he said without predicting the exact time for refunds. (IANS)
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