I-T Department To Release Pending Income Tax Refunds Immediately: Details Listed! 

Due to the coronavirus lockdown in the country, the government decided to release all pending income tax refunds up to Rs 5 lakh immediately. This decision is taken as a measure to provide relief to the taxpayers amid COVID-19 outbreak.

The finance ministry released a press note, stating that the move will benefit as many as 14 lakh taxpayers. All pending GST and custom refunds will also be released benefiting close to 1 lakh businesses. 

Also, the total refund amount will be to the tune of Rs 18,000 crore, finance ministry added. Meanwhile, the Income Tax department took to social media, and wrote "In context of COVID-19 situation & to grant immediate relief to taxpayers, GOI has decided to issue all pending income-tax refunds upto Rs.5 lakh & GST/Custom refunds with immediate effect."

The new decision comes days after the government decided to provide a fiscal relief package worth Rs 1.7 lakh crore to help the poor and migrants curb the financial difficulties. 

Earlier in the day, Prime Minister Narendra Modi hinted that the lockdownwill be extended and restrictions will not be lifted after April 14, as there is a rise is positive cases and death.

Check the post below:

In context of COVID-19 situation & to grant immediate relief to taxpayers, GOI has decided to issue all pending income-tax refunds upto Rs.5 lakh & GST/Custom refunds with immediate effect.@nsitharaman @nsitharamanoffc @Anurag_Office @FinMinIndia @PIB_India @cbic_india #StaySafe pic.twitter.com/sF0cU8WyA1

— Income Tax India (@IncomeTaxIndia) April 8, 2020