Income Tax Refund of upto Rs 5 Lakh to be immediately cleared | COVID19
As per the official press release of Income Tax Department, Income Tax Refund of upto Rs. 5 Lakh to be immediately cleared. This relief has been provided in the context of the current situation of COVID-19.
The Press release reads as follows:
In the context of the COVID-19 situation and with a view to provide 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. 18,000 crore.
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