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Income Tax Refund: How to ensure you get your I-T refund in 5-7 days

Income Tax Refund: How to ensure you get your I-T refund in 5-7 days

The government had announced that in order to help taxpayers in the COVID-19 pandemic situation, the pending income tax refunds up to Rs 5 lakh will soon be issued. The Central Board of Direct Taxes (CBDT) recently informed that it has already issued over 10.2 lakh refunds totalling to around Rs. 4,250 crore as on 14th April 2020. These refunds are over and above the 2.50 crore refunds already issued in FY 2019-2020 till 31st March 2020 totalling Rs 1.84 lakh crore. 
The CBDT further informed that about 1.75 lakh more refunds are in the process of issuance which would get credited directly to the taxpayer bank account in 5-7 business days from issuance. “This would be applicable for all individuals and business entities including MSME having refund claim up to Rs 5 Lakh,” says Saraswathi Kasturirangan, Partner, Deloitte India. 

To be eligible for the I-T refund, you need to ensure that your ITR has been verified and processed by the department. “The Income Tax refunds would be issued by the tax authorities only after verification and processing of the tax return. Further, the press note has not specifically indicated any assessment year. Hence, we may presume that all pending refunds would be taken up for processing provided the refund value is up to Rs 5 lakh,” informs Kasturirangan

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