IT department to release all pending income tax refunds

The Income Tax (IT) department has immediately decided to issue all the pending income-tax refunds up to Rs. 5 lakh.

This has been done in the context of the prevailing COVID-19 situation in the country.

The department said that this would benefit around 14 lakh taxpayers.

It has also been decided to issue all pending GST and Custom refunds which would provide benefit to around 1 lakh business entities, including MSME.

The total refund granted, hence, will be approximately Rs 18,000 crore.