New Delhi | Jagran News Desk: The Income Tax department will release all pending income tax refunds up to Rs 5 lakh immediately, the move will benefit 14 lakh taxpayers, department of Revenue said on Wednesday as quoted by news agency ANI. In a similar move, all GST & custom refunds of Rs 18,000 crore will also be released to provide benefit to around 1 lakh business entities including MSMEs.
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 pic.twitter.com/sF0cU8WyA1
— Income Tax India (@IncomeTaxIndia) April 8, 2020
“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,” an official statement said.
The latest move by the finance ministry comes weeks after the government decided to provide a fiscal stimulus package worth Rs 1.7 lakh crore to help poor and marginalised class amid the nationwide lockdown due to coronavirus outbreak.
Finance Minister Nirmala Sitharaman had aslo announced an insurance cover worth Rs 50 lakh per person for sanitation workers, ASHA workers, doctors, nurses and paramedics who are on the frontlines of the corona battle.
Meanwhile, Prime Minister Narendra Modi on Wednesday suggested that the nationwide lockdown to contain the spread of COVID-19 will be extended and restrictions will not be lifted in one go after April 14.
The announcement comes amid rising cases of COVID-19 in the country. According to the latest data by the Union Health Ministry, at least 5274 cases have been reported so far which includes 149 deaths. Of the total number of cases, there are 4714 active cases while 411 have been cured.
(with agency inputs)
Posted By: James
