As a relief to MSMEs, I-T refunds worth Rs 5,204 cr issued in last 10 days: CBDT

The Central Board of Direct Taxes (CBDT) on Friday said that income tax refunds to nearly 8.2 lakh small businesses -- proprietors, firms, corporate and trusts -- worth Rs 5,204 crore have been issued since April 8.

These income tax refunds would help MSMEs to carry on their business activities without pay cuts and layoffs in the COVID-19 pandemic situation.

CBDT said that since the government's decision in this regard dated April 8, 2020, the I-T Department has to date issued nearly 14 lakh refunds up to Rs 5 lakh each in order to help taxpayers in COVID-19 pandemic situation.

Keeping its focus on providing relief to small businesses in the MSME sector, CBDT will further issue refunds of Rs 7,760 crore.

CBDT has reiterated its request that in around 1.74 lakh cases, responses are awaited from taxpayers regarding reconciliation with their outstanding tax demand for which a reminder e-mail has been sent asking them to respond within 7 days so that the refund can be processed at the earliest.

( With inputs from ANI )