The Central Board of Direct Taxes (CBDT) today announced that it has processed over 10.2 lakh income tax refund applications totalling close to Rs. 4,250 crore as on April 14.
In a relief to over 14 lakh individual and business taxpayers affected by the Covid-19 pandemic, the Finance Ministry on April 8 announced that pending income tax refunds upto Rs 5 lakh will be processed by the income tax authorities. Out of which 10.2 lakh refunds have been processed as on April 14 and 1.75 lakh more refunds are in the process of issuance in this week.
These refunds are over and above the 2.50 crore refunds already issued in FY 19-20 till March 31 totalling to Rs. 1.84 lakh crore.
The CBDT also said, in around 1.74 lakh cases, email responses are awaited from the taxpayers regarding reconciliation with their outstanding tax demand for which a reminder email has been sent asking them to respond within seven days so that refund can be processed accordingly.
The direct tax department appealed to the taxpayers to check their email and also login to their e-filing account to respond to the IT department immediately.