COVID-19: Govt to release Income Tax refunds immediately

Today, the Income Tax Department, on its official Twitter handle, announced that Government of India to give income tax refunds up to Rs 5 lakh immediately due to coronavirus impact.

According to the announcement “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.”

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

All pending income tax refunds up to Rs 5 lakh will be issued immediately to individuals and business entities.

The decision has come as a big relief for individuals and business entities who are facing the cash crunch due to lockdown.