Income Tax refunds up to Rs 5 lakh to be released for 14 lakh taxpayers amid coronavirus COVID-19 lockdown

The government will also issue pending GST and customs refunds of Rs 18,000 crore to provide relief to business entities.

Income Tax refunds up to Rs 5 lakh to be released for 14 lakh taxpayers amid coronavirus COVID-19 lockdown

New Delhi: The Income Tax Department on Wednesday (April 8) decided to release all pending income tax refunds up to Rs 5 lakh immediately, said a government statement issued by the Department of Revenue, Ministry of Finance. The move will benefit around 14 lakh taxpayers amid 21-day nationwide lockdown due to coronavirus COVID-19 pandemic.

The government will also issue pending GST and customs refunds of Rs 18,000 crore to provide relief to business entities.

The statement said, "In the context of the COVID-19 situation and with a view to providing immediate relief to the business entities and individuals, it has been decided to issue all the pending income-tax refunds up to Rs 5 lakh, immediately. 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. Thus, the total refund granted will be approximately Rs 18,000 crore," it added.

The number of fresh cases linked to COVID-19 has risen to 5,194 and the death toll stands at 149, said Health and Family Welfare Ministry today. 

The Centre has also directed states to continue its focus on building hospitals and on surveillance and contact tracing.

Prime Minister Narendra Modi also held an hour-long meeting via video conferencing with Parliament floor leaders of all major political parties over the lockdown situation in the country. 

PM Modi hinted that the lockdown may be extended beyond April 14 as almost everyone present in the meeting advocated for the restrictions to continue as of now.