Centre to immediately clear all pending income tax refunds up to Rs 5 lakh

Centre to immediately clear all pending income tax refunds up to Rs 5 lakh

“Thus, the total refund granted will be approximately Rs 18,000 crore,” the statement read.

In a move that would benefit around 14 lakh taxpayers, the Centre Wednesday announced it would immediately release pending income-tax refunds upto Rs 5 lakh.

“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,” the Income Tax Department wrote on Twitter.

In a statement issued by the Finance Ministry, the government said that this move would benefit as many as 14 lakh taxpayers in the country.

The Ministry further decided to issue all pending GST and custom refunds, which would benefit close to 1 lakh business entities, including MSMEs. “Thus, the total refund granted will be approximately Rs 18,000 crore,” the statement read.

The coronavirus pandemic has so far claimed 150 lives in the country and over 5,000 confirmed cases have been reported.

Meanwhile, the Income-Tax Department has asked taxpayers to guard against possible breach of their personal e-filing account and report such an instance to the police cyber security wing.

The e-filing account is used by taxpayers to file their income tax returns (ITRs) and perform a host of other tax-related works.

“If you think your e-filing account many have been compromised or accessed in an unauthorised manner, then you may be a victim of cyber crime,” the department said in an advisory. “Please report the incident to the concerned police or cyber cell authorities as a first step,” it said.

PTI quoted a senior official as saying the advisory was issued in the wake of an increased vulnerability and attacks on online systems whose usage have increased due to a major scaling down of human interface.

 

Source:- yahoo

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