In a press release, the CBDT said, as a relief to MSMEs, income tax refunds worth Rs 5,204 crore have been issued by the central board in the last 10 days to nearly 8.2 lakh small businesses.
Prime Minister Narendra Modi. (Photo: IANS)
Prime Minister Narendra Modi on Saturday lauded the Income Tax Department for the economic relief announced for small businesses amidst the Coronavirus crisis.
Retweeting the Income Tax Department’s announcement, PM Modi said the government is committed to helping the country’s dynamic small and medium businesses.
Committed to helping our dynamic small and medium businesses. https://t.co/N4sJQJP9Pf
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— Narendra Modi (@narendramodi) April 18, 2020
In a press release, the CBDT said, as a relief to MSMEs, income tax refunds worth Rs 5,204 crore have been issued by the central board in the last 10 days to nearly 8.2 lakh small businesses including proprietors, firms, corporate and trusts, since April 8, 2020 in view of the COVID-19 situation.
These refunds would help MSMEs to carry on their business activities without pay cuts or layoffs, it said.
Pursuant to the Government’s April 8 decision the I-T department has issued nearly 14 lakh refunds up to Rs 5 lakh each till date, to help taxpayers, the CBDT added.
It further said that keeping its focus on providing relief to small businesses in MSME sector, the CBDT will further issue refunds of Rs 7,760 crore at the earliest possible.
The CBDT reiterated its request that in around 1.74 lakh cases, responses are awaited from taxpayers regarding reconciliation with their outstanding tax demand for which a reminder email has been sent asking them to respond within 7 days so that the refund can be processed at the earliest.
Taxpayers have been requested to provide online responses through their e-filing account on incometaxindiaefiling.gov.in, wherever required.
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