The Central Board of Direct Taxes (CBDT) on Friday mentioned that earnings tax refunds price Rs 5,204 crore have been issued to just about 8.2 lakh small companies — proprietors, companies, company and trusts — since April 8.
These earnings tax refunds will assist MSMEs keep it up their enterprise actions with out pay cuts and layoffs within the COVID-19 pandemic scenario.
The CBDT – the apex policymaking physique of the Revenue Tax Division – mentioned that because the authorities’s choice on this regard dated April 8, 2020, the I-T Division has thus far issued almost 14 lakh refunds as much as Rs 5 lakh every as a way to assist taxpayers within the COVID-19 pandemic scenario.
Conserving its give attention to offering aid to small companies within the MSME sector, the CBDT will additional situation refunds of Rs 7,760 crore.
The CBDT has reiterated its request that in round 1.74 lakh circumstances, responses are awaited from taxpayers relating to reconciliation with their excellent tax demand for which reminder emails have been despatched, asking them to reply inside 7 days in order that the refund will be processed on the earliest.