CBDT issues Rs 5204 Crore as I-T refunds, relief to MSMEs in last 10 days amid COVID-19 crisis

CBDT issues Rs 5204cr as Refund: The Central Board of Direct Taxes has issued Rs 5204 Crore as I-T refunds, relief to MSMEs in last 10 days as per the details provided by the Board. The Income tax refunds have been made to nearly 8.2 lakh small businesses (proprietors, firms, corporate and trusts). In a press release issued on 17^th April 2020, the CBDT confirmed that it has issued Income Tax Refunds to over eight lakh small businesses worth over five thousand 204 crore rupees. These refunds have been issued in the last 10 days to help MSMEs tide over the financial crunch amid the on-going COVID-19 crisis and the ensuing lockdown.

14 lakh refunds up to Rs 5 lakh issued till Date

According to the press release issued by the CBDT, the board has issued nearly 14 lakh refunds up to Rs 5 lakh each in order to help taxpayers in COVID-19 pandemic situation in line with the Govt’s decision announced on 8^th April 2020. The release also said that the board plans to provide further relief to the MSME sector by issuing refunds of Rs 7760 Crore at the earliest possible date in near future. The release also says that the IT refunds will help “MSMEs to carry on their business activities without pay cuts and layoffs in Covid-19 pandemic situations.”

1.74 cases outstanding due to Reconciliation Response

In the press release the Central Board of Direct Taxes has also reiterated its request for response that is awaited from taxpayers on nearly 1.74 lakh cases. These cases are pending due to awaited response on the reconciliation of their outstanding tax demand. The board has also informed such taxpayers about the same by sending a reminder email, asking them to respond within the next 7 days so that their refund can be processed earlier. The board has asked taxpyers to file their reponses by logging onto their e-filing account on the official website of CBDT i.e. incometaxindiaefiling.gov.in.