I-T Department issues refunds worth Rs 71,229 crore to 21.24 lakh taxpayers

For quick processing of tax refunds, the Central Board of Direct Taxes (CBDT) further asked taxpayers to provide an immediate response to emails of the department

Moneycontrol News

July 17, 2020 / 19:30 IST

More than 21 lakh taxpayers have received refunds worth Rs 71,229 crore from the Income Tax Department during April 8 to July 11, including personal income tax (PIT) refunds of Rs 24,603 crore issued to 19.79 lakh individuals and corporate tax refunds amounting to Rs 46,626 crore to over 1.45 lakh taxpayers during this period.

The tax department official statement said, "It is further emphasised that all the refund related cleaning up of the tax demands is being taken up on priority and is likely to be completed by August 31, 2020."

The I-T department said that the government has placed great importance on providing tax-related services to the taxpayers without any hassles and is aware that during these difficult times of COVID-19 pandemic, many of the taxpayers are anticipating to see that their tax demands and refunds reach fully as quickly as possible, the statement added.

For quick processing of tax refunds, the Central Board of Direct Taxes (CBDT) further asked taxpayers to provide an immediate response to emails of the department.

"A quick response from the taxpayer in this regard would facilitate the I-T Department to process their refunds expeditiously. Many taxpayers have submitted their responses electronically for rectification, appeal effects or tax credits. These are being attended to in a time-bound manner. All refunds have been issued online and directly into the bank accounts of the taxpayers," the statement added.

COVID-19 Vaccine

Frequently Asked Questions

How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

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