New Delhi: There is going to be a big change in the e-filing ITR portal for filing income tax returns. This will be more convenient for taxpayers. According to the report of Economic Times, an internal circular from the department has revealed that a new ITR e-filing portal IEC 3.0 will be launched soon. The process for this has started. According to the internal circular, the operation phase of the existing Integrated e-Filing and Centralized Processing Center (IEC) 2.0 is coming to an end. Along with this, IEC 3.0 will replace it as a new project. Let us know about it.
What is IEC Project?
The IEC project offers an e-filing platform. It allows taxpayers to electronically file their ITR, submit regular forms and use many other services. An important part of the IEC project is the Centralized Processing Center (CPC). It takes up the responsibility of processing ITRs filed with the help of e-filing portal and ITBA. In addition, IEC also provides a back-office (BO) portal. Through this, field officers can access taxpayer filing and processing data.
15 days and more than 5 crore taxpayers… Why should the ITR filing deadline be extended?
How will IEC 3.0 help?
The internal circular states that Project IEC 3.0 is not intended to merely continue the services provided by Project IEC 2.0. Rather a much better system has to be established. Necessary improvements have to be made in the processing of ITR. With the new system, new technology is to be used to speed up the processing of ITR, so that the taxpayer can get the refund quickly. Additionally, it may reduce IEC 2.0 deficiencies and complaints.
What will be the benefit?
Chartered accountant Ashish Neeraj says the transition from IEC 2.0 to IEC 3.0 could bring a more user-friendly experience for taxpayers. Stricter data quality checks should be implemented in IEC 3.0. In IEC 2.0 last year, taxpayers and professionals had to face issues like downloading ITR forms, downloading 26AS, server related glitches, issues in challan payment, etc., which can be rectified in IEC 3.0. It has been said in the internal circular that Project IEC 3.0 will have a huge impact on the functioning of the department and the general public in the coming years. Therefore, it is necessary for the Income Tax Department to seek opinions and suggestions to make the IEC 3.0 project user friendly.
He was distributing PAN cards by posing as a fake Income Tax officer, when searched on the mobile the ‘secret’ was revealed, the police was also surprised.
Why is it necessary to upgrade?
Hardik Kakadia, President, Chartered Accountants Association, Surat (CAAS), says that no e-commerce platform crashes during festival sale offers. On the other hand, problems keep coming in the ITR e-filing portal. A petition has already been filed by CAAS before the Gujarat High Court regarding problems in the Income Tax portal. Therefore if wisdom is exercised and the portal is upgraded timely, not only difficulties can be prevented but many litigations can also be avoided.
Interview Between Time.News Editor and Taxation Expert
Editor: Good afternoon and welcome to this special interview on the upcoming changes to the e-filing ITR portal. Joining us today is Mr. Rajesh Kumar, a renowned taxation expert and consultant. Thank you for being with us, Mr. Kumar.
Rajesh Kumar: Good afternoon! It’s a pleasure to be here.
Editor: Let’s dive right in. There’s a lot of buzz about the new IEC 3.0 e-filing portal that’s set to replace IEC 2.0. Can you give us a brief overview of what the IEC project has meant for taxpayers so far?
Rajesh Kumar: Absolutely! The IEC project has been pivotal in transforming how taxpayers file their income tax returns (ITRs). It provides an e-filing platform that not only simplifies the process of submitting ITRs, but also allows taxpayers to access various services electronically. With the Centralized Processing Center (CPC) as a key component, it has streamlined processing and provided field officers with vital data through the back-office portal.
Editor: That sounds quite impressive. Now, as we look towards IEC 3.0, what are some of the major changes we can expect?
Rajesh Kumar: The transition to IEC 3.0 is exciting because it aims to enhance the existing framework significantly. According to the internal circular, this isn’t just a continuation of IEC 2.0; it’s about implementing new technology to improve processing speeds and efficiency. This means taxpayers could experience quicker processing times for their returns, ultimately leading to faster refunds.
Editor: Speed certainly sounds beneficial, especially with the pressing deadlines many taxpayers face. Are there any specific technologies or features being introduced that stand out to you?
Rajesh Kumar: Yes, one noteworthy aspect is the incorporation of advanced analytics and machine learning to optimize the processing workflow. This will help in detecting discrepancies more efficiently, reducing the chances of errors, and ensuring compliance. There’s also a focus on user experience, making the platform more intuitive and accessible for all users, which should aid taxpayers in filing their returns more seamlessly.
Editor: That’s certainly a much-needed upgrade! Now, there’s been some discussion about the current ITR filing deadlines. With more than 5 crore taxpayers involved, do you think there is a case for extending these deadlines during the transition to IEC 3.0?
Rajesh Kumar: There absolutely should be consideration for an extension. Transitioning to a new system can sometimes lead to unforeseen challenges, and to ensure that taxpayers can fully utilize the benefits of IEC 3.0 without stress, an extension could provide the necessary breathing room. It’s crucial that the system works smoothly for everyone, and giving taxpayers extra time could prevent unnecessary complications.
Editor: That’s a valid point. Lastly, how do you foresee this change impacting the overall relationship between taxpayers and the government?
Rajesh Kumar: I believe that if implemented effectively, IEC 3.0 could foster a stronger relationship between taxpayers and the government. By making the filing process more transparent and efficient, it enhances trust. The quicker resolution of issues and improved accessibility to important data can empower taxpayers, leading to greater compliance and satisfaction.
Editor: Thank you, Mr. Kumar. It’s clear how transformative IEC 3.0 has the potential to be for taxpayers across the nation. We appreciate your insights today.
Rajesh Kumar: Thank you for having me! It’s always great to discuss such important developments.
Editor: And thank you to our viewers for tuning in. We’ll keep you updated as more information becomes available about IEC 3.0 and its rollout. Stay informed and take care!