In a press note dated 22.05.2020, the Central Board of Direct Taxes (CBDT) has informed that the government has issued tax refunds worth Rs. 26,242 crore to 16,84,298 assessees since 1st April, 2020 to 21st May, 2020.
It may be noted that these income tax refunds are a part of the special Rs. 20 Lakh crore economic package announced by the Prime Minister on 12th May 2020.
After this, the Finance Minister Smt. Nirmala Sitaraman at a press conference on 13.05.2020 announced the first Tranche Special Economic Package and Measures for Relief to support Indian Economy amid COVID-19. She announced inter alia that the pending income tax refunds to charitable trusts and non-corporate businesses and professions including proprietorship, partnership and LLPs and cooperatives shall be issued immediately.
Earlier also during the lockdown period, various press notes were released by the CBDT on Income Tax Refund.
Read the full text of the press release dated 22.05.2020.
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, 22nd May, 2020
PRESS RELEASE
Refunds amounting to Rs. 26,242 crore issued since 1st April, 2020
Central Board of Direct Taxes (CBDT) has issued tax refunds worth Rs. 26,242 crore to 16,84,298 assessees since 1st April, 2020 to 21st May, 2020.
Income Tax refunds amounting to Rs. 14,632 crore have been issued to 15,81,906 assessees and corporate tax refunds amounting to Rs. 11,610 crore have been issued to 1,02,392 assessees during this period.
It is stated that the refund process has been further expedited and refunds are being issued at a greater pace since the Union Finance Minister Smt. Nirmala Sitharaman’s announcement made in the AatmaNirbhar Bharat Abhiyan last week. CBDT has released a sum of Rs. 2050.61 crore in the previous week ended on 16th May, i.e., between 9th to 16th May, 2020 to 37,531 income tax assessees and a sum of Rs. 867.62 crore to 2878 corporate tax assessees. During this week, i.e. between 17th to 21st May, 2020, yet another 1,22,764 income tax assessees were refunded Rs. 2672.97 crore and 33,774 corporate tax assessees including trusts, MSMEs, proprietorships, partnerships, etc. were issued refunds worth Rs. 6714.34 crore, taking the total amount refunded to Rs. 9387.31 crore in the case of 1,56,538 assessees.
(Surabhi Ahluwalia)
Commissioner of Income Tax
(Media & Technical Policy)
Official Spokesperson, CBDT.
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