Central Board of Direct Taxes (CBDT) today said that Income tax refunds to nearly 8.2 lakh small businesses worth Rs 5,204 crore have been issued since April 8th 2020. These income tax refunds would help MSMEs to carry on their business activities without pay cuts and layoffs in Covid-19 pandemic situations, the department said in a press release.
The tax department said it has till date issued nearly 14 lakh refunds up to Rs 5 lakh each in order to help taxpayers in Covid-19 pandemic situation. Keeping its focus on providing relief to the small businesses in MSME sector, CBDT will further issue refunds of Rs 7,760 crore earliest possible.
CBDT has reiterated its request that in around 1.74 lakh cases, 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 seven days so that the refund can be processed earliest. CBDT also said it may be noted that these responses can be provided online through the taxpayer e-filing account on www.incometaxindiaefiling.gov.in.
Source: indiatimes.com
