Income Tax Dept issues 10.2 lakh refunds worth Rs 4,250 crores in one week
New Delhi/IBNS: The Income Tax department has released 10.2 lakh refunds worth Rs 4,250 crores in a week's time, the Central Board of Direct Taxes (CBDT) said on Wednesday.
Last week, the Finance Ministry had said it would accelerate the release of income tax returns up to Rs 5 lakhs, which will help individuals and businesses amid COVID-19 outbreak.
This would benefit 14 lakh taxpayers, it had said.
The CBDT has issued 10.2 lakh refunds as of April 14, and 1.75 lakh more refunds are under process of issuance this week, an official statement said, reported media.
The refunds would get directly transferred to the accounts of the taxpayers within 5-7 days of the issuance, the statement added.
In at least 1.74 lakh cases, reminder emails have been sent asking taxpayers to reconcile the tax returns claimed by them within 7 days.
The CBDT said the reminder emails were sent for the benefit of the taxpayers "as it seeks them to confirm their outstanding demand, their bank accounts and reconciliation of defect/mismatch prior to issue of refund."
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