I-T DEPT ISSUES 10 LAKH REFUNDS WORTH RS 4,250CR IN JUST 1 WEEK


The income tax department has issued over 10 lakh refunds worth Rs 4,250 crore in the last one week after the government’s April 8 decision to issue all refunds up to Rs 5 lakh. The central board of direct taxes (CBDT) on April 16, 2020 said it has already issued over 10.2 lakh refunds totalling around Rs 4,250 crore as on April 14. “These refunds are over and above the 2.50 crore refunds already issued in FY 19-20 till March 31st totalling to Rs 1.84 lakh crore,” CBDT said .

About 1.75 lakh more refunds are in the process of issuance in this week, the CBDT said, adding that these refunds would get credited directly to the taxpayer bank account in 5-7 business days.

The income tax is, however, awaiting e-mail responses from around 1.74 lakh cases regarding reconciliation with their outstanding tax demand for which a reminder e-mail has been sent asking them to respond within seven days.
“It may be noted that these reminder e-mails from I-T department are in fact for the benefit of taxpayers as it seeks them to confirm their outstanding demand, their bank accounts and reconciliation of defect/mismatch prior to issue of refund,” CBDT said.