Income TaxNEWS

Govt to immediately issue Rs 18,000 crore as pending tax refunds to individuals, businesses.

The government will immediately issue about Rs 18,000 crore as pending income tax refunds to individuals and businesses, in a bid to provide relief to taxpayers amid the COVID-19 crisis.

Income tax refunds to individuals, up to Rs 5 lakh that have been pending will be released quickly, which will benefit some 14 lakh people.

“In the context of the COVID-19 Situation and with a view to providing 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. 18000 crore.”

Source
CBDT

TaxClue Team

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