TaxTMI 
TaxTMI 
Over 10.2 lakh Refunds worth 4,250 crore issued in a week by CBDT to help taxpayers in COVID-19 pandemic situation
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....ver 10.2 lakh Refunds worth 4,250 crore issued in a week by CBDT to help taxpayers in COVID-19 pandemic situation <br>News and Press Release<br>Dated:- 15-4-2020<br><BR>In pursuance to the Government's decision vide Press Note on 8th April 2020 to issue pending income tax refunds up to ₹ 5 lakh in order to help taxpayers in a COVID-19 pandemic situations, the Central Board of Direct taxes (C....
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....BDT) today said that it has already issued over 10.2 lakh refunds totalling to around ₹ 4,250 crore as on 14th April 2020. These refunds are over and above the 2.50 crore refunds already issued in FY 19-20 till 31st March 2020 totalling ₹ 1.84 lakh crore. The CBDT further said that about 1.75 lakh more refunds are in the process of issuance in this week. These refunds would get credit....
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....ed directly to the taxpayer bank account in 5-7 business days from issuance. However, in around 1.74 lakh cases, email responses are awaited from taxpayers regarding reconciliation with their outstanding tax demand for which a reminder email has been sent asking them to respond within 7 days so that the refund can be processed accordingly. It may be noted that these reminder emails from I-T depar....
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....tment 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. The CBDT appealed that it is in the interest of taxpayers to provide a response to such emails at the earliest so that refunds could be processed and issued at the earliest. CBDT has requested taxpayers to check th....
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....eir email and login to their e-filing account to respond to the I-T Department immediately. The CBDT also said that it has noted in a few media, including social media, some questions are being raised with regards to CBDT's computerised email to the taxpayers to respond within 7 days for enabling the department to process refund. In this regards, it is clarified that these are the necessary routi....
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....ne process related communications to the taxpayers to seek response on defective ITRs, prima facie adjustments and where confirmation is sought about certain claims made by them. In all such cases, a quick response from the taxpayer would enable the I-T Department to process their refunds expeditiously.<BR> News - Press release - PIB....