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COVID-19: CBDT completes Rs 71,000 crore refunds to help taxpayers with liquidity

COVID-19: CBDT completes Rs 71,000 crore refunds to help taxpayers with liquidity

COVID-19: CBDT completes Rs 71,000 crore refunds to help taxpayers with liquidity
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By Timsy Jaipuria  Jul 17, 2020 7:45:09 PM IST (Published)

The Central Board of Direct Taxes (CBDT) has issued refunds to the tune of Rs 71,229 crore in more than 21.24 lakh cases by July 11 to help taxpayers with liquidity.

The Central Board of Direct Taxes (CBDT) has issued refunds to the tune of Rs 71,229 crore in more than 21.24 lakh cases by July 11 to help taxpayers with liquidity.

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The government, on April 8, decided to issue pending income tax refunds at the earliest so that honest taxpayers did not suffer from liquidity crisis in the midst of the COVID-19 pandemic.
According to a statement released by the CBDT, income tax refunds to the tune of Rs 24,603 crore have been issued in 19.79 lakh cases to taxpayers and corporate tax refunds amounting to Rs 46,626 crore in 1.45 lakh cases have also been issued to taxpayers.
The CBDT said that the government has laid great emphasis on providing tax-related services to the taxpayers without any hassles and is aware that many taxpayers are awaiting their tax refunds.
It added that all refund-related requests are being taken up on priority and would be completed by August 31.
Also, all applications for rectifications and for giving effect to appeal orders are to be uploaded on the ITBA (income tax business application).
The CBDT has decided to do all the work of rectification and appeal effect on the ITBA only.
The CBDT added that, for quick processing of their refunds, taxpayers should provide immediate response to the emails of the I-T Department.
"A quick response from the taxpayer in this regard would facilitate the I-T Department to process their refunds expeditiously," the CBDT said.
Many taxpayers have submitted their responses electronically for rectification, appeal effects or tax credits.
"These are being attended in a timebound manner. All refunds have been issued online and directly into the bank accounts of the taxpayers," CBDT said.
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