Govt to release Income Tax refunds of up to Rs. 5 lakh

The decision for the refund has come due to the ongoing lockdown to tackle COVID-19. It will certainly bring relief to individuals who are facing a cash crunch due to pay cuts or job loss.

Apr 9, 2020 19:22 IST
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The pending income tax refunds of up to Rs. 5 lakh will be issued by the Income Tax Department. The announcement was made on the department’s official twitter handle.

The decision for the refund has come due to the ongoing lockdown to tackle COVID-19. It will certainly bring relief to individuals who are facing a cash crunch due to pay cuts or job loss.

According to the Income-tax department’s press note, the decision will benefit around 14 lakh taxpayers.  The refund issued by the department will help people in getting their money that has been stuck in the department.

The department in the official tweet informed about the issue of pending income tax refunds up to Rs. 5 lakh & GST custom refunds with an immediate effect.

Here is the following tweet:

Income Tax Department tweet

What is Income Tax Refund?

An individual who pays tax is liable to get an income tax refund when the tax that is deducted from his or her income in a financial year is higher than their total income liability.

Income Tax Refund: Key Highlights

To get a refund, the individual must file an income tax refund.

The refunds are given only if in a particular financial year, the total income as claimed by an individual via his/her tax return, matches that of income tax department’s calculations.

Once the refund has been processed by the tax department, the refund will be credited directly to his/her bank account.

It must be noted that in order to receive the credit of the ITR fund in your bank account, the account must be validated on the income tax e-filling website.

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