Huge relief for Income Tax payers! Pending refunds up to Rs 5 lakhs to be released immediately
Giving a huge relief to income tax payers, the Income Tax Department has decided to issue all the pending income-tax refunds up to Rs 5 lakh, immediately. This move is aimed at providing immediate relief to the business entities and individuals. The tax department, in a tweet, confirmed the development and said that this would benefit around 14 lakh taxpayers.
Pending GST and Custom refunds
Income tax department tweet
“In context of COVID-19 situation & to grant immediate relief to taxpayers, GOI has decided to issue all pending income-tax refunds upto Rs.5 lakh & GST/Custom refunds with immediate effect.@nsitharaman @nsitharamanoffc @Anurag_Office @FinMinIndia @PIB_India @cbic_india #StaySafe,” the tweet from income tax department read. (Photo: Pixabay)
Nirmala Sitharaman on relaxations
Meanwhile, several other relaxations were announced by Finance Minister Nirmala Sitharaman recently. The FM announced that the last date for filling delayed income tax return (ITR) for the financial year 2018-19 is extended till June 30, 2020, from March 31 now and interest rate for delayed payment of interest has been reduced to 9% from 12% earlier. (Photo: IANS)