CBDT refunds Rs. 71,229 crore to help the taxpayers during COVID-19 pandemic

The Central Board of Direct Taxes (CBDT) announced on July 17 that it has issued the refunds of worth Rs. 71,229 crores in more than 21.24 lakh cases till a week ago.

The refund has been made to help the taxpayers with liquidity amid the COVID-19 pandemic. The government had earlier decided on April 8, 2020, to issue the pending tax refunds at the earliest.

Income tax refunds that are amounting to Rs. 24,603 crores were issued in 19.79 lakh cases to the taxpayers and the corporate tax refunds that are totaling to Rs. 46,626 crores have been issued in 1.45 lakh cases.

The decision to help people with tax-related services:

The central government has decided to lay great emphasis on providing tax-related services to the taxpayers without any complications.

The administration is also fully aware that amid the difficult time of COVID-19 pandemic, taxpayers have been waiting to see their tax refunds reach finality as soon as possible.

The government has also been emphasizing that all the refund-related cleaning up of the tax demands must be taken up on priority and is most likely to be completed by August 31, 2020.

Rectification and appeal on ITBA:

All the applications for rectifications and for giving the effect to appeal orders must be uploaded on ITBA. The government has decided to do all the work of appeal and rectification on ITBA (Income Tax Business Application).

For the quick processing of the funds, taxpayers should provide an immediate response to the emails of the IT department. A quick response from taxpayers will facilitate the Income-tax department to process their refunds expeditiously.

Many taxpayers have also been submitting their responses electronically for rectification, tax credits, or appeal effects. The responses have been attended in a time-bound manner and the refunds have been issued online and directly into the taxpayers' bank accounts.