All pending income tax refunds upto Rs 5 lakhs would be released immediately, the income tax department said in a release today.
"In the context of the COVID-19 situation and with a view to provide immediate relief to the
business entities and individuals, it has been decided to issue all the pending income-tax
refunds up to Rs. 5 lakh, immediately. This would benefit around 14 lakh taxpayers. It has
also been decided to issue all pending GST and Custom refunds which would provide benefit
to around 1 lakh business entities, including MSME. Thus, the total refund granted will be
approximately Rs. 18,000 crore," the release stated.