Income Tax refunds of Rs 4,250 cr issued in a week, says CBDT

Revenue Tax refunds of Rs 4,250 cr issued in per week, says CBDT | Private Finance Information

New Delhi: The Central Board of Direct Taxes (CBDT) on Wednesday (April 15) stated it has issued over 10.2 lakh refunds totalling Rs 4,250 crore as on April 14. In a press release, the CBDT stated these refunds are over and above the two.5 crore refunds already issued in FY 19-20 until March 31 totalling Rs 1.84 lakh crore.

Final week, the Finance Ministry had stated it is going to quick monitor issuance of pending earnings tax refunds as much as Rs 5 lakh, which is able to profit round 14 lakh taxpayers, to supply aid to people and companies hit by COVID-19 outbreak.

CBDT additional stated that about 1.75 lakh extra refunds are within the technique of issuance this week, including “These refunds will get credited on to the taxpayer checking account in 5 to seven enterprise days from issuance.”

The CBDT additional stated, “In about 1.74 lakh instances, e-mail responses are awaited from taxpayers relating to reconciliation with their excellent tax demand for which a reminder e-mail has been despatched asking them to reply inside seven days in order that the refund may be processed accordingly.”

Notably, these reminder emails from the I-T division are in actual fact for the advantage of taxpayers because it seeks them to verify their excellent demand, their financial institution accounts and reconciliation of defect/mismatch previous to the difficulty of refund.

CBDT appealed that it’s within the curiosity of taxpayers to supply a response to such emails on the earliest in order that refunds might be processed and issued on the earliest. CBDT has requested taxpayers to verify their e-mail and login to their e-filing account to answer the I-T Division instantly.

CBDT additionally stated that it has famous in a couple of media, together with social media, some questions are being raised close to CBDT’s computerised e-mail to the taxpayers to reply inside 7 days for enabling the division to course of the refund. 

On this regard, it’s clarified that these are the mandatory routine process-related communications to the taxpayers to hunt a response on faulty ITRs, prima facie changes and the place affirmation is sought about sure claims made by them. In all such instances, a fast response from the taxpayer would allow the I-T Division to course of their refunds expeditiously.

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