CBDT refunded Rs. 71,229 crore so far to help taxpayers during COVID-19 pandemic

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 11^th 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 8^th April, 2020 to issue pending income tax refunds at the earliest.

Summary of refunds issued is as under:

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 31^st 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. 

• AO is under an obligation to assign reasons for rejecting explanation of the assessee
• CBIC issues SoP for clearance of imported goods through Foreign Post Offices
• Sale deed executed with full knowledge of only part consideration paid, not void – SC
• No fault in serving notice to last known address when PAN data was not updated – ITAT
• Investment by firm through capital introduced by partners cannot be treated as unexplained