Income Tax payers alert! Soon, you will file return today, and will get refund tomorrow - What Modi govt has planned
The Modi government on Wednesday gave nod to a next-generation income tax filing system which will cut down the processing time for returns to one day from 63 days and expedite refunds.
ITR returns filing, refund: The Modi government on Wednesday gave nod to a next-generation income tax filing system which will cut down the processing time for returns to one day from 63 days and expedite refunds. This new system will be developed by IT major Infosys for a cost of Rs 4,241.97 crore. The announcement was made by Union minister Piyush Goyal, who said that the Cabinet chaired by PM 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". Here is what makes this new system special -
The move also hints at major tax reform in the upcoming Union Budget. Taranpreet Singh, TASS Advisors, Partner told Zee Business Online that the common can expect relief from the budget. "One of the key expectations of the salaried class is an enhancement of income tax exemption limit from existing Rs. 250,000/- to Rs. 500,000/- and increase of deduction limit under section 80C from the current limit of Rs. 150,000/- to Rs. 250,000," he said.