IT Department to release all pending income tax refunds up to Rs 5 lakhs immediately

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.

The above refunds would be released only with regard to the refund for which order has been made but refund not released.

You can read the Press release HERE.

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