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Homechevron_rightBusinesschevron_right10.2 lakh refunds...

10.2 lakh refunds worth Rs 4,250 cr made, says CBDT

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10.2 lakh refunds worth Rs 4,250 cr made, says CBDT
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New Delhi: In pursuance to the government decision to issue pending income-tax refunds up to Rs 5 lakh to help taxpayers in the Covid-19 pandemic time, the Central Board of Direct Taxes (CBDT), here on Wednesday, said it had made 10.2 lakh refunds worth Rs 4,250 crore as on April 14, 2020.

It's over and above the 2.50 crore refunds worth Rs 1.84 lakh crore made in FY20 till March 31.

Around 1.75 lakh refunds would be made this week, the CBDT said and added, they would get credited in the taxpayers' bank accounts in 5-7 business days from issuance.

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 to start refund processing.

These reminder emails from the I-T department are for the taxpayers' benefit as it seeks them to confirm their outstanding demand, their bank accounts and reconciliation of defect/mismatch prior to issue of refund.

The CBDT said it was in the interest of taxpayers to provide to respond to such emails at the earliest for early processing of refunds. The CBDT has requested taxpayers to check their emails and login to their e-filing account to respond to the I-T Department immediately.

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News Summary - 10.2 lakh refunds worth Rs 4,250 cr made, says CBDT
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