Huge relief for Income Tax payers! Pending refunds up to Rs 5 lakhs to be released immediately

ZeeBiz WebTeam | Apr 09, 2020, 11:11 AM IST

Giving a huge relief to income tax payers, the Income Tax Department has decided to issue all the pending income-tax refunds up to Rs 5 lakh, immediately. This move is aimed at providing immediate relief to the business entities and individuals. The tax department, in a tweet, confirmed the development and said that this would benefit around 14 lakh taxpayers. 

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Pending GST and Custom refunds

Pending GST and Custom refunds

The department has 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. (Photo: Pixabay)

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Income tax department tweet

Income tax department tweet

“In context of COVID-19 situation & to grant immediate relief to taxpayers, GOI has decided to issue all pending income-tax refunds upto Rs.5 lakh & GST/Custom refunds with immediate effect.@nsitharaman @nsitharamanoffc @Anurag_Office @FinMinIndia @PIB_India @cbic_india #StaySafe,” the tweet from income tax department read. (Photo: Pixabay)

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Nirmala Sitharaman on relaxations

Nirmala Sitharaman on relaxations

Meanwhile, several other relaxations were announced by Finance Minister Nirmala Sitharaman recently. The FM announced that the last date for filling delayed income tax return (ITR) for the financial year 2018-19 is extended till June 30, 2020, from March 31 now and interest rate for delayed payment of interest has been reduced to 9% from 12% earlier. (Photo: IANS)

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Deposit of TDS

Deposit of TDS

The government has also decided to reduce interest on delay in deposit of TDS will be reduced to 9% from 18% and all compliances for tax payment now stands extended till June 30, 2020. (Photo: Reuters)

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Coronavirus cases in India

Coronavirus cases in India

The coronavirus cases in India have jumped past 5500. Globally, the death toll surpassed 88,502, the number of infections have crossed 1,518,720. The total number of cases in the US are 430,271. Germany and France has also crossed the 100,000-mark. (Photo: Reuters)