Finance Ministry to release IT returns under ₹5 lakh immediately
The Finance Ministry in a press release said that it would be releasing income tax returns under ₹5 lakh immediate taking the COVID-19 situation into account. This move is expected to benefit 14 lakh taxpayers. The release also said that it would be releasing custom and GST returns immediately, which is expected to benefit 1 lakh small businesses and MSME. The total refunds will be worth ₹18,000 crores.
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
Update: 2020-04-08 13:01 GMT
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