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Tax department expedites refunds

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NEW DELHI : The Income Tax department said on Wednesday it has issued tax refund of ₹4,250 crore in the first fortnight of April in over 10 lakh cases and that refunds will be processed in another 1.75 lakh cases shortly.

This, the Central Board of Direct Taxes (CBDT) said, was in addition to ₹1.84 crore refunds issued till end of March in FY20.

The Board’s statement give an update on the government’s promise earlier in April of issuing quick refunds where the amount is upto ₹5 lakh to help taxpayers during the Coronavirus pandemic.

The refunds to be issued in coming days will get credited directly to the taxpayer’s bank account in 5-7 business days from its issuance, CBDT said in the statement.

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