CBDT issues over 10 lakh refunds worth Rs.4,250 crore in a week

Central Board of Direct taxes, CBDT, has processed over 10 lakh refunds worth four thousand 250 crore rupees in a week. These refunds are over and above the two crore 50 lakh refunds already issued in 2019 -20 till 31st of March totaling to one lakh 84 thousand crore rupees. Last week, CBDT had said that it will issue pending income tax refunds up to five lakh rupees to help taxpayers in a Covid-19 pandemic situations.

 

CBDT further said that about 1.75 lakh more refunds are in the process of issuance in this week. These refunds would get credited directly to the taxpayer bank account in 5 to 7 business days from issuance. However,



email responses are awaited from taxpayers in around 1.74 lakh cases regarding reconciliation with their outstanding tax demand for which a reminder email has been sent.

 

CBDT said, these reminder emails from I-T department are in fact for the benefit of taxpayers as it seeks them to confirm their outstanding demand, their bank accounts and reconciliation of defect or mismatch prior to issue of refund. CBDT has appealed that it is in the interest of taxpayers to provide a response to such emails at the earliest so that refunds could be processed and issued at the earliest.