Amid Coronavirus Lockdown, All Pending ITR up to Rs 5 Lakh to be Released Immediately

Taxpayers are willing to breathe a sigh of relief given the misery induced by the lockdown of coronavirus. On Wednesday, the Income Tax Department declared it would instantly issue all pending Income Tax Refunds (ITR) up to Rs 5 lakh.

by Hari Aditya

Updated: Apr 09, 2020 09:22 IST

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A Sigh of Relief for Tax Payers

Taxpayers can breathe a sigh of relief amid the distress caused by the coronavirus lockdown. The Income Tax Department on Wednesday announced that it will release all pending Income Tax Refunds (ITR) up to Rs 5 lakh immediately. Around the same time, the Government declared that all GST and custom refunds would also be issued. This will be of benefit to business organizations about 1 lakh like MSME, the press release said. The estimated sum to be reimbursed is worth 18,000 crore rs. In India over 150 deaths have occurred owing to the COVID-19 pandemic and over 5,000 positive events.

 

 

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