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Income Tax Refunds up to Rs 5 Lakh Issued

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Income Tax Refunds up to Rs 5 Lakh Issued

In order to help Taxpayers in the COVID-19 pandemic situation the government has issued the Pending Income Tax Refunds up to Rs 5 lakh. This is applicable for all Individuals and Business Entities including MSME having refund claim up to Rs 5 Lakh. The Central Board of Direct Taxes (CBDT) recently informed that it has already issued over 10.2 lakh refunds totalling to around Rs 4,250 crore as on 14th April 2020. These refunds are over and above the 2.50 crore refunds already issued in FY 2019-2020 till 31st March 2020.

1) Who all are eligible for the income tax refund?

To be eligible for the I-T refund, you need to ensure that your ITR has been verified and processed by the department. The Income Tax refunds would be issued by the tax authorities only after verification and processing of the tax return.

2) Refund for which Assessment year will be issued?

The Press note has not specifically indicated any assessment year. Hence, we may presume that all pending refunds will be issued provided the refund value is up to Rs 5 lakh.

3) Not received your Income Tax refund Yet?

As per a Central Board of Direct Taxes (CBDT) press release Dated 15th April 2020, the department is Awaiting Responses to emails sent to 1.74 lakh taxpayers regarding reconciliation with their outstanding tax demand. Remainder emails have been sent to these taxpayers asking them to respond within seven days so that refund can be processed accordingly. So, if you are someone who has to get an income tax refund but still haven’t received it, then it is likely that the department is awaiting your response regarding the outstanding tax demand from the previous financial years that can be adjusted against the pending income tax refund.

The CBDT appealed that it is in the interest of taxpayers to provide a response to such emails at the earliest so that refunds could be processed and issued at the earliest. CBDT has requested taxpayers to check their email and login to their e-filing account to respond to the I-T Department immediately.

 

4) How to Check If you have any outstanding demand?

An individual can view their outstanding tax demand by logging to their income tax department’s account. Here’s how an individual can login to view their outstanding tax demand.

Step 1 – Login to your ‘e-filing account’ using your PAN as user ID and password.

Step 2 –  Once logged in, click on e-file tab. The details of your outstanding tax demand will be shown on your computer screen.

Step 3 – You are required to response to demand notice by clicking on ‘submit’ option as per the options shown to you.

Four options will be shown to you: (A) Demand is correct (B) Demand is partially incorrect; (C) Disagree with demand and (D) Demand is not correct but agree for adjustment.

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