Business & Economy

IT refunds worth Rs 4,250 crore issued to help taxpayers in COVID-19 pandemic situation

NetIndian News Network

New Delhi, April 16, 2020

The Central Board of Direct taxes (CBDT) said on Wednesday that it has issued over 10.2 lakh refunds totalling around Rs. 4,250 crore as on April 14 to help taxpayers tide over the COVID-19 pandemic situation.

These refunds are over and above the 2.50 crore refunds already issued in FY 2019-20 till March 31 totalling Rs 1.84 lakh crore. This was in pursuance of the Government’s decision to issue pending income tax refunds up to Rs 5 lakh in order to help taxpayers in the COVID-19 pandemic situation.

The CBDT said about 1.75 lakh more refunds were in the process of being cleared in this week. These refunds would get credited directly to the taxpayers' bank accounts in 5-7 business days from issuance.

However, in around 1.74 lakh cases, email responses are awaited from taxpayers regarding reconciliation with their outstanding tax demand for which a reminder email has been sent asking them to respond within 7 days so that the refund can be processed accordingly.

These reminder emails from the I-T department are for the benefit of taxpayers as it seeks them to confirm their outstanding demand, their bank accounts and reconciliation of defect/mismatch prior to issue of refund.

The CBDT has appealed to the taxpayers to provide a response to such emails at the earliest so that refunds could be processed and issued. Taxpayers should check their email and log in to their e-filing account to respond to the I-T Department immediately.

The CBDT also said that it has noted that in a few media outlets, including in social media, some questions were being raised with regards to CBDT’s computerised email to the taxpayers to respond within 7 days for enabling the department to process the refund.

"In this regards, it is clarified that these are the necessary routine process-related communications to the taxpayers to seek a response on defective ITRs, prima facie adjustments and where confirmation is sought about certain claims made by them. In all such cases, a quick response from the taxpayer would enable the I-T Department to process their refunds expeditiously," the release added.

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