The income tax department has issued refunds worth Rs 71,229 crore to more than 21.24 lakh taxpayers during the last 3 months in a bid to ease the COVID-19 stress from taxpayers. This includes personal income tax refunds amounting to Rs 24,603 crore crore issued to 19.79 lakh taxpayers and corporate tax refunds worth Rs 46,626 crore to 1.45 lakh taxpayers during this period.
"Tax refunds worth Rs 71,229 crore have been issued to more than 21.24 lakh cases up to July 11, 2020, to help taxpayers with liquidity in COVID days, following the government's decision to issue pending income tax refunds at the earliest," the Central Board of Direct taxes (CBDT) said on Thursday.
All refunds have been issued online and directly into the bank accounts of the taxpayers in a "time bound manner", it said.
On April 8, the central government had said that the income tax department will release all pending income tax refunds up to Rs 5 lakh immediately which will benefit taxpayers. The action was taken in wake of the COVID-19 pandemic situation and with a view to provide immediate relief to the business entities and individuals.
"It is stated that the government has laid great emphasis on providing tax related services to the taxpayers without any hassles and is aware that during these difficult times of COVID-19 pandemic," CBDT said in a release.
The tax authority said that all the refunds related to cleaning up of the tax demands are being taken up on priority and is likely to be completed by August 31, 2020. "All applications for rectifications and for giving effect to appeal orders are to be uploaded on the ITBA. It has been decided to do all the work of rectification and appeal effect on ITBA only," it said.
CBDT reiterated that taxpayers should provide immediate response to emails of the Department so that refunds in their cases too could be processed and issued right away. Such emails of the I-T Department seek taxpayers to confirm their outstanding demand, their bank account number and reconciliation of defect/mismatch prior to issue of refund. In all such cases, quick responses from the taxpayers would enable the I-T department to process their refunds expeditiously, it said.
By Chitranjan Kumar
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