Income Tax to release all pending income tax refunds up to Rs 5 lakhs Immediately

Income Tax Department to release all pending income tax refunds up to Rs 5 lakhs immediately – Around 14 lakh taxpayers to benefit.

All GST & CUSTOM refunds also to be released; to provide benefit to around 1 lakh business entities including MSMEs.

Rs 18,000 crore of total refund granted immediately.

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.

Source: PIB

Also Read: Order u/s 119 of the Income-tax Act, 1961 (the Act) regarding submission of Form 15G and 15H for Financial Year-2020-21