Income Tax, GST & Custom Refund
amid of Covid-19
The Income Tax Department, on its official Twitter handle, announced that department 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.
The decision will come as relief for 14 lakh taxpayers 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 and to business entities also to pay their dues on time.
Official Announcement states that , “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.”
The income tax refund issued by the department will help people get their money which is stuck with the department.
We all hope that this will help the taxpayers in a positive manner. We also urge people to not to panic in this pandemic and help the economy to grow back.
CS Arpit Garg
info@compliancearena.in
8447773833