Infosys asked to work on ways to extract and access taxpayers real-time data fastly and accurately

Infosys asked to work on ways to extract and access taxpayers real-time data fastly and accurately

Deepak Gupta | Apr 20, 2022 |

Infosys asked to work on ways to extract and access taxpayers real-time data fastly and accurately

Infosys asked to work on ways to extract and access taxpayers real-time data fastly and accurately

Last month, senior ministry officials met with the Infosys team and officials from the Income Tax Central Processing Centre (CPC) for a review meeting.

According to sources close to the situation, they discussed a slew of important issues, including the new Income Tax portal and other tax-related issues.

The CPC is in charge of tax return filing.

According to reports, the ministry also requested about the availability of data on interest on company deposits, government securities, gold bonds, insurance, equity/intraday trading data, EPF, and GST data for use in pre-fill.

The new portal would integrate data from all relevant departments, allowing all assessee transactions to be pre-filled.

According to authorities in the know, the integrated system will use artificial intelligence to hunt for anomalies between the data supplied by an assessee and the data collected from stock exchanges.

The government also requested that the technology firm expedite the portal’s new payment mechanism and implement it during the current fiscal year.

This would enable tax payments to be made using a variety of methods, including credit cards and the Unified Payment Interface (UPI).

During the meeting, Infosys stated that the plan and timeframes might be submitted by the end of the month.

Infosys and the finance ministry did not respond to an email sent to them.

According to ministry sources, the new portal would likely incorporate additional private banks to collect taxes and other charges under the Income Tax (IT) Act, such as fines, penalties, and refunds.

The platform will also accept a variety of payment methods, including UPI and credit cards.

Currently, taxpayers can make payments via the net banking services of large private and governmental banks.

Those whose banks are not part of the portal, on the other hand, find it impossible to pay their taxes.

Debit card transactions are permitted, however they are not generally utilised.

Officials also acknowledged the problems of processing returns quickly.

According to Infosys, 48.8 million of the total 54.6 million returns had been processed as of March.

Tax calculations, receipt matching, data quality checks, prima facie adjustments under Section 143, insight risk score, and defective returns are among the primary reasons for delays, according to Infosys.

Officials from Finmin also expressed worry over the physical submission of forms.

Approximately 10 million Americans still file tax returns on paper, and the IRS stores copies of them.

They said that storing such a large number of records was unnecessary.

They also believe that attempts should be made to interact with taxpayers for e-verification so that all of the filing can be done electronically.

The ministry also recommended that Infosys and others be adequately prepared in advance to avoid a crisis, as well as retain a record of the lessons learned from previous portal failures.

Source: Link

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