CBDT refunds over five thousand 204 crore rupees to help MSMEs

CBDT yesterday said that Income tax refunds to over eight lakh small businesses worth over five thousand 204 crore rupees have been issued in the last ten days. In a statement, CBDT said, these income tax refunds will help MSMEs to carry on their business activities without pay cuts and layoffs in Covid-19 pandemic situations. It said, Income tax department has issued nearly 14 lakh refunds up to five lakh each till date to help taxpayers. Keeping its focus on providing relief to the small businesses in MSME sector, CBDT will further issue refunds of seven thousand 760 crore rupees.

CBDT reiterated its request to taxpayers to respond regarding reconciliation queries about outstanding tax demands. It said that in around one lakh 74 thousand cases, responses are awaited from taxpayers