Income Tax Department refunds ₹4,250 cr to taxpayers1 min read . Updated: 15 Apr 2020, 05:33 PM IST
These refunds would get credited directly to the taxpayer bank account in 5-7 business days from issuance, CBDT said
The Income Tax Department on Wednesday said that it has issued over 10.2 lakh refunds totalling to about ₹4,250 crore as on 14 April 2020 following a government directive early this month to release all pending income-tax refunds upto ₹5 lakh and GST/Custom refunds with immediate effect.
"In pursuance of Govt's decision to issue pending income tax refunds upto ₹5 lakh to help taxpayers in Covid-19 pandemic situation,CBDT has already issued over 10.2 lakh refunds totalling to about ₹4,250 crore as on April 14th, 2020" the Tax Department said.
"These refunds would get credited directly to the taxpayer bank account in 5-7 business days from issuance," the tax department said.
"It may be noted that these reminder emails from I-T department are in fact for the benefit of taxpayers as it seeks them to confirm their outstanding demand, their bank accounts and reconciliation of defect/mismatch prior to issue of refund," CBDT said.
The CBDT had in last fiscal issued 2.50 crore refunds totalling ₹1.84 trillion.
The move follows the recent government step to offer relief in interest, fee and penalty for late filings of various statutory forms amid a nationwide lockdown to tackle the pandemic.
Easing the liquidity problem of individuals and businesses has been a key part of the government’s strategy to help them tide over the crisis. This includes loan repayment moratoriums and cash transfers to the needy, distribution of additional grain and pulses to the poor.