The Central Board of Direct Taxes (CBDT,) on the 17th of April, during a briefing to the media over the COVID-19 pandemic illness, revealed a refund of Income Tax to small businesses in India.
The CBDT said in the last 10 days, the Income Tax Department initiated a refund of Rs. 5,204 crores to Micro, Small and Medium Enterprises (MSME) in India. The refund started from the 8th of April and continued till the 18th of April.
According to a press release, till date, the CBDT issued refund to 14 lakh MSMEs, out of which 8 lakh MSME got the refund. Remaining companies would get the refund as early as possible.
Besides Rs. 5,402 crores, the Income Tax (IT) department is going to issue another amount of Rs. 7,760 crores to the remaining 6 lakh MSMEs in India.
The IT Department took to Twitter and said, “As a relief to MSMEs, income tax refunds worth Rs.5,204 crore have been issued by CBDT in the last 10 days to nearly 8.2 lakh small businesses (proprietors, firms, corporate and trusts) since 8th April, 2020 in view of COVID-19 situation.”
Prime Minister Narendra Modi, took to Twitter and appreciated the effort of the IT Department to refund MSMEs in India during the Nationwide lockdown.
Prime Minister Narendra Modi on the 14th of April, announced an extension to the then ongoing lockdown. The extended lockdown is proposed to end on the 3rd of May.
Stay tuned for further updates.
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