Govt to give income tax refunds up to Rs 5 lakh immediately due to coronavirus impact
All pending income tax refunds up to Rs 5 lakh will be issued immediately to individuals and business entities.
Finance Ministry said , In 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.
The Income Tax Department announced that it will issue all pending income tax refunds up to Rs 5 lakh immediately to individuals and business entities. The decision has come due to the coronavirus lockdown in the country. According to press note of the department, this decision would benefit around 14 lakh taxpayers.The income tax refund issued by the department will help people get their money which is stuck with the department. An income tax refund is due to an individual when the tax deducted from an individual’s income in a particular financial year is higher than his/her total income tax liability.The move comes amid the ongoing 21-day lockdown in the country to fight against the spread of coronavirus pandemic.
Such announcement is great help full for those taxpayer whose refund is pending