The TDS facility will process more than 400 million tax deduction submissions filed by nearly 1 million entities annually. India's Union Minster of Finance, Shri. P. Chidambaram dedicated the facility to the nation at a special ceremony today.
Infosys has been processing tax returns filed online by Indian citizens since 2008. Till date, the company has successfully processed more than 30 million tax filings and related refunds.
In 2011, ITD selected Infosys as its managed services provider to facilitate central processing of TDS filings by business entities, the company said in the press release.
The new centralized system enables:
* Real-time reconciliation of TDS filings and refund claims
* Instant detection of erroneous claims and faster payment of verified claims
* Significant savings for the government by reducing the interest accumulation on delayed tax refunds
C. N. Raghupati, Head - India Business, Infosys said: "The launch of the new CPC will play a key role in increasing the efficiency of tax filing for entities and processing of TDS for the Income Tax Department. We are delighted to partner with the ITD in their endeavor to improve the tax-payer experience in India."