Income Tax refunds up to Rs 5 lakh to be released for 14 lakh taxpayers amid coronavirus COVID-19 lockdown

New Delhi: The Income Tax Department on Wednesday (April 8) determined to launch all pending revenue tax refunds up to Rs 5 lakh instantly, mentioned a authorities assertion issued by the Department of Revenue, Ministry of Finance. The transfer will profit round 14 lakh taxpayers amid 21-day nationwide lockdown due to coronavirus COVID-19 pandemic.

The authorities will even concern pending GST and customs refunds of Rs 18,000 crore to present aid to enterprise entities.

The assertion mentioned, “In the context of the COVID-19 situation and with a view to providing 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,” it added.

The variety of recent circumstances linked to COVID-19 has risen to 5,194 and the loss of life toll stands at 149, mentioned Health and Family Welfare Ministry as we speak. 

The Centre has additionally directed states to proceed its concentrate on constructing hospitals and on surveillance and speak to tracing.

Prime Minister Narendra Modi additionally held an hour-long assembly by way of video conferencing with Parliament ground leaders of all main political events over the lockdown state of affairs within the nation. 

PM Modi hinted that the lockdown could be prolonged past April 14 as virtually everybody current within the assembly advocated for the restrictions to proceed as of now.

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