CBDT refunded Rs. 71,229 crore to help taxpayers liquidity during COVID-19 pandemic
CBDT has refunded Rs. 71,229 crore so far to help taxpayers during COVID-19 pandemic
As per a Press Release by the Central Board of Direct Taxes (CBDT), upto 11th July, 2020, it has issued refunds amounting to Rs 71,229 crore in more than 21.24 lakh cases to help taxpayers with liquidity during COVID-19 pandemic.
The Government’s had taken a decision of 8th April, 2020 to issue pending income tax refunds at the earliest.
Summary of refunds issued is as under:
|Rs. 24,603||19.79 lakh||Taxpayers|
|Rs. 46,626||1.45 lakh||corporate tax|
It has been stated that the government has laid great emphasis on providing tax related services to the taxpayers without any hassles and is aware that during these difficult times of COVID-19 pandemic, many of the taxpayers are waiting to see that their tax demands and refunds reach finality as quickly as possible.
It has been emphasized that all the refund related cleaning up of the tax demands are being taken up on priority and is likely to be completed by 31st August, 2020.
Also, according to the press release, all applications for rectifications and for giving effect to appeal orders are to be uploaded on the ITBA. It has been decided to do all the work of rectification and appeal effect on ITBA only.
Taxpayers have been advised that for quick processing of their refunds, they should provide immediate response to the emails of I-T Department. A quick response from the taxpayer in this regard would facilitate the I-T Department to process their refunds expeditiously. Many taxpayers have submitted their responses electronically for rectification, appeal effects or tax credits. These are being attended to in a time bound manner.
- SEBI (Prohibition of Fraudulent & Unfair Trade Practices relating to Securities Market) (Amendment) Regulations 2022
- Jewellery can not be held unexplained simply because weight of Gold not stated in Will
- Chartered Accountants to disclose criminal cases/convictions to ICAI
- ICAI revised Guidance Note on Schedule III of Companies Act 2013 – January 2022 Edition
- CBDT exempts income of the National Skill Development Corporation u/s 10(46)