Income tax refunds released by CBDT amid Covid-19

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As discussed in our earlier post relating to CBDT releasing refund for amount upto Rs. 5 lakh and how you can reconfirm the refund. Now CBDT has released the figures which is as under:

As a relief to MSMEs, income tax refunds worth Rs.5,204 crore have been issued by CBDT in the last 10 days to nearly 8.2 lakh small businesses (proprietors, firms, corporate & trusts) since 8th April, 2020 in view of COVID-19 situation.

These refunds would help MSMEs to carry on their business activities without pay cuts/layoffs in Covid-19 pandemic situation. Pursuant to Govt’s decision of 8.4.2020, IT Deptartment has issued nearly 14 lakh refunds upto Rs.5 lakh each, till date, to help taxpayers.

Keeping its focus on providing relief to small businesses in MSME sector, CBDT will further issue refunds of Rs. 7,760 crore at the earliest possible. Taxpayers are requested to provide online responses through their e-filing a/c on http://incometaxindiaefiling.gov.in, wherever required.

Now many people were thinking that CBDT is only issuing refunds to MSME and businessman but that’s not the case all people are equally getting their due Income tax refunds whether they are earning from rent, interest or business.

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