CBDT Issues Rs 71,229 Crore Worth Refunds Since April 8 to Help Taxpayers With Liquidity Amid COVID-19 Pandemic

New Delhi, July 17: The Central Board of Direct Taxes on Friday informed that it has issued refunds worth Rs 71,229 crore in more than 21.24 lakh cases by July 11. The Union Ministry of Finance's body stated that this move has been undertaken to help the taxpayers with liquidity in COVID-19 pandemic days.

Issuing a press release, the CBDT said, "Central Board of Direct Taxes (CBDT) has issued refunds worth Rs 71,229 crore in more than 21.24 lakh cases by 11th July to help taxpayers with liquidity in COVID19 pandemic days since Gov’s decision of 8th April 2020 to issue pending income tax refunds at the earliest." CBDT Should Issue Clarification on TDS Payment to Non-Residents Exempted Under DTAA, Says Expert.

Apart from this, the Union government added, "Income Tax refunds amounting to Rs 24,603 crore have been issued in 19.79 lakh cases to taxpayers and corporate tax refunds amounting to Rs 46,626 crore in 1.45 lakh cases have been issued to taxpayers during COVID days."

Here's the press release issued by the CBDT on behalf of Finance Ministry:

Among other things, the Union Ministry stated that the government is well aware that during these difficult times of COVID-19 pandemic, many of the taxpayers are waiting to see that their tax demands and refunds reach finality as quickly as possible. The government body even claimed that all the refund-related cleaning up of the tax demands are being taken up on priority and is likely to be completed by August 31, 2020.

(The above story first appeared on LatestLY on Jul 17, 2020 06:23 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).