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All Pending Income Tax Refunds Up To Rs. 5 Lakh To Be Released Immediately

All Pending Income Tax Refunds Up To Rs. 5 Lakh To Be Released Immediately

In a measure that is expected to provide relief to the taxpayers amid the outbreak of deadly coronavirus (COVID-19), the government on Wednesday decided to release all pending income tax refunds up to Rs 5 lakh immediately.

In a press note released by the finance ministry, the government said that the move will benefit as many as 14 lakh taxpayers.

Besides, all pending GST and custom refunds will also be released benefiting close to 1 lakh businesses, the note stated. The total refund amount will be to the tune of Rs 18,000 crore, finance ministry said.

The latest move by the finance ministry comes after the government last month decided to provide a fiscal stimulus package worth Rs 1.7 lakh crore to help the poor and migrants tackle the financial difficulties arising from the coronavirus (COVID-19) outbreak, and the 21-day nationwide lockdown that began the previous day.

Finance Minister Nirmala Sitharaman announced a medical insurance cover of Rs 50 lakh per person for those on the frontline of the fight against the deadly coronavirus outbreak, including doctors, nurses and sanitation workers.

Meanwhile, Prime Minister Narendra Modi suggested today that the lockdown to check the spread of coronavirus will be extended and restrictions will not be lifted in one go after April 14, amid a spurt in COVID-19 infections in the country.

In a video meeting with leaders of all parties, PM Modi reportedly said he would consult with Chief Ministers but by all accounts the lifting of the lockdown "is not possible".

(Inputs and image from ndtv.com)

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