Income Tax Refunds Will be Given Immediately
The Ministry of Finance has decided to issue all pending income tax refunds up to Rs 5 lakh, immediately. Watch our latest video to learn all the details.
The 21-day lockdown due to the COVID-19 pandemic has had a big effect on our economy. Businesses are shut and people are facing many losses. Earlier the Finance Minister even announced an Rs 1.7 lakh crore economic package to help the poor in India. Now the Finance Ministry has made a new announcement.
The Ministry of Finance has decided to issue all pending income tax refunds up to Rs 5 lakh, immediately. This will benefit around 14 lakh taxpayers.
The ministry has also decided to issue all pending goods and services tax (GST) and custom refunds. This will benefit 1 lakh business entities including micro, small and medium enterprises (MSMEs). A total refund to the tune of Rs 18,000 crore would thus be granted, the ministry said. There have been rumours that the Finance Minister will soon announce a Rs 1lakh crore fund to help small and medium businesses. Also yesterday Prime Minister Narendra Modi suggested that the lockdown to check the spread of coronavirus will be extended and restrictions will not be lifted in one go after April 14, because there has been an increase of COVID-19 cases in the country.
