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Bangalore, Feb 23 (IANS) Indian IT bellwether Infosys Ltd Saturday unveiled a central processing centre at Ghaziabad in Uttar Pradesh to enable the income tax department to efficiently administer tax deduction at source (TDS).
Set up under the Centre's e-governance initiative, the state-of-the-art facility will process a whopping 400 million TDS submissions filed by about one million entities annually. It has been established in Ghaziabad, which is abutting Delhi.
Finance Minister P. Chidambaram dedicated the centre to the nation at a special ceremony held on the occasion.
The state-run tax department selected the global software major in 2011 as its managed services provider to process TDS filings by business entities.
"As we have been processing tax filings online since 2008, about 30 million tax filings and related refunds were processed over the last four-five years," Infosys India business head C.N. Raghupati said at the event.
The new centralised system enables real-time reconciliation of TDS filings and refund claims, instant detection of erroneous claims and faster payment of verified claims.
"As part of the new agreement, we provide comprehensive services to the department, including technology infrastructure, maintenance and upgrade of applications for the tax deduction reconciliation, analysis, and correction enabling system," Raghupati pointed out.
Speedy processing of filings will also help the government save significantly by reducing the interest accumulation on delayed tax refunds.