Indian Income Tax Department and Infosys Launch Central Processing Center for Efficient Administration of Tax Deducted at
PR Newswire/Les Echos/
Indian Income Tax Department and Infosys Launch Central Processing Center for
Efficient Administration of Tax Deducted at Source
New Delhi - February 23, 2013: The Income Tax Department (ITD) of India and Infosys today announced the launch of a state-of-the-art Central Processing Center for efficient administration and processing of Tax Deducted at Source (TDS). 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. As part of this new agreement, Infosys provides comprehensive services to the department including technology infrastructure, maintenance, and upgrade of applications for the Tax Deduction Reconciliation, Analysis, and Correction Enabling System, better known as TRACES.
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."
About Infosys Infosys partners with global enterprises to drive their innovation-led growth. That's why Forbes ranked Infosys 19th among the top 100 most innovative companies. As a leading provider of next-generation consulting, technology, and outsourcing solutions, Infosys helps clients in more than 30 countries realize their goals. Visit www.infosys.com and see how Infosys (NYSE: INFY), with its 150,000+ people, is Building Tom orrow's Enterprise(r) today.
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