Central Board of Direct Taxes (CBDT) refunded the amount of Rs.98,625 Crores in more than 26.2 lakh cases till September 1, 2020, for helping out the taxpayers with their liquidity problems in this pandemic situation.
The Refund amount which was issued to the taxpayers starting from April 1, 2020, to September 1, 2020, was processed very early by the department because the Govt. had directed them to do so keeping in mind to solve the problems of liquidity of the taxpayers.
The Income-tax refunds amounting to Rs.29,997 Crore have been issued in 24.5 lakh cases to individual taxpayers, while the bulk of the refunds have been on the corporate tax side, amounting to Rs.68,628 Crore to 1.68 lakh cases.
Also, earlier CBDT asked the taxpayers to provide an immediate response to the emails of the income tax (I.T.) department, for quick processing of their refunds. As a quick response from the taxpayer in this regard would facilitate the I.T. Department to process their refunds expeditiously.
And as a result of this initiative, many taxpayers were submitting their responses electronically for rectification, appeal effects or tax credits. These responses were being attended in a time-bound manner by the I.T. department. As a result of this, all the refunds were issued online only and got transferred directly into the bank accounts of the taxpayers.
With Warm Regards,
CL Bureau.
