GUWAHATI: The Central Board of Direct Taxes (CBDT) has issued over 10.2 lakh refunds totalling to around Rs. 4,250 crores as on April 14, 2020.
These refunds are over and above the 2.50 crore refunds already issued in FY 19-20 till 31st March 2020 totalling Rs 1.84 lakh crores, stated the CBDT in a press statement.
The 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 taxpayers' bank accounts in 5-7 business days from issuance.
However, in around 1.74 lakh cases, email responses are awaited from taxpayers regarding reconciliation with their outstanding tax demand for which a reminder email has been sent asking them to respond within 7 days so that the refund can be processed accordingly.
It may be noted that 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/mismatch prior to issue of refund.
The CBDT 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. CBDT has requested taxpayers to check their email and login to their e-filing account to respond to the I-T Department immediately.
The tax refunds have been done in pursuance to the Central Government’s decision to issue pending income tax refunds up to Rs 5 lakhs in order to help taxpayers in the current COVID-19 pandemic situation.