NewDelhi : In a relief to business entities and individual taxpayers, the Income Tax department has decided to release all the pending income-tax refunds up to Rs. 5 lakh, immediately. This move of the department is likely to benefit around 14 lakh taxpayers across the country.
The IT department has also decided to issue all pending GST and Custom refunds which would provide benefit to around 1 lakh business entities, including MSME. Thus, the total refund granted will be approximately Rs. 18,000 crore.
Individual taxpayers and Business houses are facing challenging times due to the mationwide lockdown announced by the government to check the spread of Coronavirus.
