Centre To Clear All Pending Income Tax Refunds Upto Rs 5 Lakh Immediately, 14 Lakh Taxpayers To Benefit

The Centre said that it will also issue all pending GST and custom refunds, which would benefit nearly 1 lakh business entities, including MSMEs.

India   |   9 April 2020 1:51 PM GMT
Editor : Prateek Gautam
Centre To Clear All Pending Income Tax Refunds Upto Rs 5 Lakh Immediately,  14 Lakh Taxpayers To Benefit

In a decision that would provide relief to about 14 lakh taxpayers, the Centre on Wednesday announced that it would release pending income-tax refunds upto Rs 5 lakh with immediate effect. The centre is also planning to release indirect tax refunds to small businesses.

"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," the Income Tax Department announced on Twitter.

The Centre further said that it will also issue all pending GST and custom refunds, which would benefit nearly 1 lakh business entities, including MSMEs. "Thus, the total refund granted will be approximately Rs 18,000 crore," the statement read.

The IT Department has also asked taxpayers to protect any breach of their personal e-filing account and report any such instance to the police cyber security wing.

The e-filing account is used by taxpayers to file their income tax returns (ITRs) and carry out all other tax-related works.

"If you think your e-filing account many have been compromised or accessed in an unauthorised manner, then you may be a victim of cyber crime," the department issued an advisory. "Please report the incident to the concerned police or cyber cell authorities as a first step," it stated.

Also Read: Unemployment Rate In India Rises To 23.4%, Highest Since Sept 2016: CMIE Data

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