T department refunds Rs 62,361 crore during lockdown: CBDT

Joanna Estrada
July 4, 2020

The government has further extended the deadline for filing income tax (I-T) returns for financial year 2019-20.

Keeping up with its announcement of issuing pending income tax refunds to help taxpayers during the coronavirus crisis, the Central Board of Direct Taxes on Friday announced that the Income Tax (I-T) Department has issued refunds for over 20.44 lakh cases amounting to more than Rs 62,361 crore.

Similarly, the Central Board of Direct Taxes (CBDT) has set July 31, 2020 as the deadline for filing original and revised returns for financial year 2018-19 (Assessment Year 2019-20). The due date for the income tax return for the FY 2019-20 (AY 2020-21) has been extended to November 30, 2020.

And, for those who were not able to complete their tax-saving exercise by March 31, 2020 because of the COVID-19 led lockdown across the country, the government had already extended the date till July 31, 2020.

CBDT has also extended the time limit for making investments to claim income tax deduction by a month till July 31, 2020. While, that for issuance of TDS/TCS certificates for FY19-20 has been extended till August 15.

On April 8, the department had said that in the context of the COVID-19 situation and with a view to providing immediate relief to the business entities and individuals, it has been chose to issue all the pending income-tax refunds up to Rs 5 lakh, immediately. Unlike what used to happen some years ago, in these refund cases, no taxpayer had to approach the department to request for the release of refund. Capital gains tax is the tax payable on sale of assets such as equities and mutual funds.

Other reports by Click Lancashire

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