IT Deptt to release all pending Income Tax Refunds upto Rs.5 Lakh immediately – Around 14 Lakh taxpayers to benefit

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Income Tax Department to release all pending Income Tax Refunds upto Rs.5 Lakh immediately – Around 14 Lakh taxpayers to benefit

Press Information Bureau
Government of India
Ministry of Finance

08-April-2020 18:16 IST

IT Department to release all pending income tax refunds up to Rs 5 lakhs immediately ; Around 14 lakh taxpayers to benefit

All GST & CUSTOM refunds also to be released ; to provide benefit to around 1 lakh business entities including MSMEs Rs 18,000 crore of total refund granted immediately

In the context of the COVID-19 situation and with a view to provide immediate relief to the business entities and individuals, it has been decided to issue all the pending income-tax refunds up to Rs. 5 lakh, immediately. This would benefit around 14 lakh taxpayers.

It has also been decided to issue all pending GST and Custom refunds which would provide benefit to around 1 lakh business entities, including MSME. Thus, the total refund granted will be approximately Rs. 18,000 crore.

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Source : https://pib.gov.in/PressReleseDetail.aspx?PRID=1612291

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