Infosys is working to create a great tax portal: CEO Salil Parekh

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The new income tax portal had a rough start right from the day of its launch on June 7 as taxpayers, tax professionals, and other stakeholders reported glitches in its functioning. The income tax portal which is developed by Infosys still continues to draw a lot of criticism. This has put Infosys in a tight spot. The Company’s leadership however has time and again assured that they are working to resolve all the issues on the portal.

Salil Parekh, CEO of Infosys has said, “Many of the areas which required attention at the start, we have spent time on a lot of those things and they are working well today. We are working collaboratively with the department, with the association of CAs, and with a group of individual taxpayers, to make sure we create a great new experience,” according to a report in The Times of India.

In 2019, Infosys was awarded a contract to develop the next-generation income tax filing system to reduce processing time for returns from 63 days to one day and expedite refunds.

Through this new portal, the common income taxpayers will be able to file their annual returns for the assessment year 2021-22, for income earned in the financial year 2020-21. The last date for filing such returns by individual taxpayers is September 30. However, the portal continued to face glitches and users complained of technical issues facing the site.

Infosys’ revenue growth rate has been the fastest in the IT industry, more than its competitors for some quarters now. The company’s revenue was up 16.9% in constant currency for the quarter ended June 30. The rise in revenue generated has made this quarter the best first quarter in the decade for the company. Its share price is up 80% in the past year.

The company managed to make a good recovery from the Covid induced effects a year back.