Income Tax Refund: CBDT still awaits response from 1.74 lakh MSMEs! Issues guideline to claim money online

Income Tax Refund: The Central Board of Direct Taxes (CBDT) on Friday said that Income tax refunds to nearly 8.2 lakh small businesses (proprietors, firms, corporate and trusts) worth Rs 5,204 Crore have been issued since 8th April 2020. These income tax refunds would help MSMEs to carry on their business activities without pay cuts and layoffs in Covid-19 pandemic situation. However, the CBDT also said that it is still waiting for around 1.74 lakh MSMEs to respond on their income tax refund cases. The CBDT said that those 1.74 lakh MSMEs need not to do much. All they have to do is go to the official website of the taxpayers e-filing account on incometaxindiaefiling.gov.in and take the necessary action.

Informing about pending income tax refund cases for MSMEs, the CBDT said in a statement, "The CBDT reiterated its request that in around 1.74 lakh cases, 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 earliest." It may be noted that these responses can be provided online through the taxpayer e-filing account on: incometaxindiaefiling.gov.in.

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The CBDT also informed that since the Government’s decision vide Press Note dated 8th April 2020, I-T department has till date issued nearly 14 lakh refunds up to Rs 5 lakh each in order to help taxpayers in COVID-19 pandemic situation. Keeping its focus on providing relief to the small businesses in MSME sector, CBDT will further issue refunds of Rs 7,760 Crore earliest possible.