The Income Tax Department, on its official Twitter handle, announced that it will issue all pending income tax refunds up to Rs 5 lakh immediately to individuals and business entities. The decision has come due to the coronavirus lockdown in the country. According to press note of the department, this decision would benefit around 14 lakh taxpayers.
The decision will come as relief for individuals who are facing cash crunch due to pay cuts or job loss or waiting for their salaries or wages to be released by their employers.
According to the announcement made, "In context of COVID-19 situation and to grant immediate relief to taxpayers, GOI has decided to issue all pending income tax refunds up to Rs 5 lakh & GST custom refunds with immediate effect."
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