The CBDT today said that it has already issued over 10.2 lakh refunds totalling to around Rs 4,250 crore as on 14th April 2020.
In view of the government’s recent decision to issue pending income tax (I-T) refunds up to Rs 5 lakh in order to help taxpayers amid the COVID-19 crisis, the Central Board of Direct taxes (CBDT) today said that it has already issued over 10.2 lakh refunds totalling to around Rs 4,250 crore as on 14th April 2020. These refunds are over and above the 2.50 crore refunds already issued in FY 19-20 till 31st March 2020, totalling Rs 1.84 lakh crore.
You might also be interested to read: Key Learnings From COVID-19: Adapting To A Changing World
The CBDT further said that about 1.75 lakh more refunds are in the process of issuance in this week. These refunds would get credited directly to the taxpayer’s bank account in 5-7 business days from issuance. However, in around 1.74 lakh cases, email responses are awaited from taxpayers regarding reconciliation with their outstanding tax demand for which a reminder email has been sent, asking them to respond within 7 days so that the refund can be processed accordingly.
It may be noted that these reminder emails from the 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 the issue of refund.
Source: Financial Express
