New Delhi: The Central Board of Direct taxes (CBDT) informed on Wednesday that it has issued over 10.2 lakh refunds, amounting to Rs 4,250 crore, as on April 14. These are over and above the 2.50 crore refunds already issued in FY 19-20 till March 31, amounting to Rs 1.84 lakh crore.
The Union Government had, vide a Press note on April 8, ordered that pending income tax refunds up to Rs 5 lakh be issued to help taxpayers in the wake of COVID-19 pandemic.
The CBDT added that about 1.75 lakh more refunds are in the process of issuance this week. The refunds will get credited directly to the taxpayer’s 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.
The reminder emails from I-T department are for the benefit of taxpayers as it urges them to confirm their outstanding demand, their bank accounts and reconciliation of defect/mismatch prior to issue of refund.