Eliminating financial crunch amid COVID-19, IT dept releases pending income-tax refunds up to Rs 5 lakh

New Delhi, April 09: In the context of the COVID-19 situation and with a view to provide immediate relief to the business entities and individuals, the Income Tax Department on Thursday decided to issue all the pending income-tax refunds up to Rs 5 lakh immediately, benefiting around more than 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", the statement issued by the Ministry of Finance read.

 

Earlier on Wednesday, the department had asked the taxpayers to guard against possible breach of their personal e-filing account and report such an instance to the police cyber security wing. "If you think your e-filing account many have been compromised or accessed in an unauthorised manner, then you may be a victim of cybercrime," the department said in an advisory.

 

The advisory further added that the department, on its part, would also share information related to a cyber crime instance with relevant law enforcement authorities when so summoned under their statutory powers of investigation. "As a general precaution, please do not share your login credentials or other sensitive information," it said.

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