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Coronavirus Impact : Government to release all pending Income Tax Refunds upto Rs 5 Lakhs
Ministry of Finance and Income Tax department announced the release of all pending Income tax refunds upto Rs 5 lakhs through their official twitter handles. Thi step has been taken to provide some relief to the taxpayers when the whole economy is struggling because of the Covid-19 as the whole country is in lockdown. The objective of such an announcement is crystal clear that the government is providing support to the business entities and individuals as soon as possible. According to the official statement it is supposed to benefit around 14 Lakh taxpayers.
The announcement made by twitter handle of the department:
"In the context of COVID-19 situation and to grant immediate relief to taxpayers, GOI has decided to issue all pending income tax refunds up to Rs 5 lakh & GST/custom refunds with immediate effect."
After this announcement, people will be able to get the refunds stuck in the Income Tax Department. An income tax refund will be credited to the taxpayer’s bank account once the refunds are processed by the department. Income tax refund took place when the actual tax liability is less than the tax deducted from an individual’s income in a particular financial year. To claim the excess tax the taxpayer has to file the Income tax return then the total claim made by the taxpayer should match with the calculation made by the department. Once it is matched then the department will process the refund.
The government has also announced to issue all pending GST and custom refunds. The objective behind this announcement is to provide some relief to around 1 Lakh business entities which includes MSMEs(micro, small and medium enterprises).
The announcement also includes the statement that the total refund granted will be approximately Rs 18,000 Crore.
08 Apr
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