CBDT to issue all pending income-tax refunds up to Rs. 5 lakh. GST/Custom refunds also to be issued
Government of India
Ministry of Finance
Department of Revenue
New Delhi, the 08th April, 2020
PRESS NOTE
CBDT to issue all pending income-tax refunds up to Rs. 5 lakh
In the context of the COVID-19 situation and with a view to provide immediate relief to the business entities and individuals, it has been decided to issue all the pending income-tax refunds up to Rs. 5 lakh, immediately. This would benefit around 14 lakh taxpayers. It has also been decided to issue all pending GST and Custom refunds which would provide benefit to around 1 lakh business entities, including MSME. Thus, the total refund granted will be approximately Rs. 18,000 crore.
- Refund can not be denied on the ground that it was claimed in a return filed u/s 148 – ITAT
- Distinction between religious & charitable purposes is determined by institution’s primary or dominant object
- Fit case to issue notice u/s 148 – Relevancy of material & application of mind to objections important
- 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
