Friday, March 1, 2013

Indian Income Tax Dept Installs New Processing Centre | Articles ...

E-Government, Government CFO

The Income Tax Department (ITD) of India established a new Central Processing Centre in the city of Ghaziabad to improve the processing of tax?filings.

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The state-of-the-art processing centre will be used to efficiently administer tax deduction at source (TDS), India?s tax collection mode of deducting citizens? income tax directly from their employers. The centre will process more than 400 million tax deduction submissions filed by nearly 1 million entities?annually.

The centre will provide a wide range of online services related to TDS through a dedicated portal called the ?TDS Reconciliation, Analysis and Correction Enabling System? (TRACES). Taxpayers can access forms to file with the ITD, download TDS certificates, and view tutorials. Banks can submit tax correction statements?online.

The new facility is expected to resolve mismatching between payments and tax claims by enabling real-time reconciliation of TDS filings and refund claims. The system will also provide instant detection of erroneous claims and faster payment of verified?claims.

Inaugurating the new centre, Indian Finance Minister P. Chidambaram declared that India is moving towards a technology-driven tax administration system, helping trace tax evaders and ease the filing process for?taxpayers.

The centre was established in partnership with Infosys, the company which has been processing online filings of tax returns since?2008.

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