The I-T department has issued tax refunds at a speed of 76 cases per minute from April 8 to June 30, 2020.
The income tax department refunded Rs 62,361 crore to more than 20 lakh taxpayers amid the lockdown, after Finance Minister Nirmala Sitharaman assured to release all pending income tax refunds immediately. The I-T department has issued tax refunds at a speed of 76 cases per minute from April 8 to June 30, 2020, according to the Ministry of Finance. The refunds have been issued electronically and have been directly deposited into the bank accounts of the taxpayers, the ministry added. In order to provide further relief to the taxpayers, the Central Board of Direct Taxes (CBDT) has urged the filers to provide an immediate response to emails of the department so that refunds in their cases too could be processed and issued right away.
The department sends e-mails to confirm taxpayers’ outstanding demand, their bank account number, and reconciliation of defect or mismatch, prior to issue refunds. The government said that the gesture of the I-T department is not only taxpayer-friendly, but it has also become a facilitator providing liquidity in this hard time of the coronavirus pandemic. The department has issued I-T refunds of Rs 23,453 crore in 19 lakh cases, and corporate tax refunds of nearly Rs 38,908 crore in 1.36 lakh cases in 56 weekdays.
Meanwhile, the government has extended the deadline for filing income tax returns for the fiscal year 2018-19 by a month till November 30, 2020. The decision has come in the wake of the coronavirus pandemic as it had earlier extended the deadline for filing ITR for FY 2019-20 to October 30, 2020. Adding to it, the CBDT has also extended the time limit for making various investments and claiming deductions under the I-T Act for the fiscal year 2019-20 fiscal by a month till July 31, 2020. In the present times of various crises, the government is ultimately intending to leave more cash in the hands of the people.