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Tax refunds worth Rs 26,242 crore issued since April 1: CBDT

Income tax refunds amounting to Rs 14,632 crore have been issued to over 15.8 lakh assessees and corporate tax refunds to the tune of Rs 11,610 crore issued to over 1 lakh assesses.

May 22, 2020 / 03:52 PM IST

Tax refunds worth Rs 26,242 crore have been issued to 16,84,298 lakh assessees for the period between April 1, 2020 to May 21, 2020, the Central Board of Direct Taxes (CBDT) said on May 22.

Income tax refunds amounting to Rs 14,632 crore have been issued to over 15.8 lakh assessees and corporate tax refunds to the tune of Rs 11,610 crore issued to over 1 lakh assesses.

Last week, FM Sitharaman had announced a 25 percent reduction in TDS (tax deducted at source)/TCS (tax collected at source) rates for non-salaried payments,  the remaining months of the fiscal. The deadline for filing income tax returns for 2019-20 has also been extended till November 30, 2020.

These measures unveiled by the government as part of the Rs 20 lakh crore economic stimulus package under the Atmanirbhar Bharat Abhiyan, were aimed at providing relief to taxpayers and companies amid the COVID-19 crisis.

FM Sitharaman had said that the decision to slash TDS/TCS rates will release additional liquidity of around Rs 50,000 crore.
Moneycontrol News
first published: May 22, 2020 03:52 pm

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