NEW DELHI: 08 Apr 2020
In a big relief to taxpayers, the Income-Tax (I-T) department on Wednesday said that it will issue all pending income tax refunds up to Rs 5 lakh immediately.
The move comes with the objective of providing immediate relief to business entities and individuals and is expected to benefit around 14 lakh taxpayers.
In a statement issued, the I-T department said: “In context of COVID-19 situation & to grant immediate relief to taxpayers, GOI has decided to issue all pending income-tax refunds upto Rs 5 lakh & GST/Custom refunds with immediate effect.”In context of COVID-19 situation & to grant immediate relief to taxpayers, GOI has decided to issue all pending inc… https://t.co/Nvit6i1S0 Income Tax India (@IncomeTaxIndia) 1586349593000
The government has also decided to issue all pending GST (goods and service tax) and custom refunds, thereby benefiting around 1 lakh business entities, including MSMEs (micro, small and medium enterprises).
The total refund granted will be approximately Rs 18,000 crore, the statement added.
The finance ministry had earlier extended the last date to file income tax returns for the financial year 2018-19 (FY18-19) to June 30, 2020. It has also extended last date to file March, April and May 2020 GST returns and composition returns to June 30.
According to the health ministry data, India has over 5,000 positive Covid-19 cases and about 150 deaths.( TOI )
