Amid Lockdown, All Pending ITR up to Rs 5 Lakh to be Released Immediately: Finance Ministry

New Delhi: Taxpayers can breathe a sigh of relief amid the distress caused by the coronavirus lockdown. The Income Tax Department on Wednesday announced that it will release all pending Income Tax Refunds (ITR) up to Rs 5 lakh immediately. Also Read – Centre Eases Deadline on Tax-saving Investments, Extends Validity Till June 30

In a press release published this afternoon, the Union Finance Ministry announced that the move will benefit as many as 14 lakh taxpayers. Also Read – Sitharaman Rolls Back NRI Tax, Restricts Levy Only on Their Income Generated in India

At the same time, all GST and custom refunds will also be released, the government announced. This to provide benefit to around 1 lakh business entities including MSME, the press note stated. The total amount to be refunded will be worth Rs 18,000 crore. Also Read – India Planning Rs 12000 Crore Rescue Plan For Coronavirus-Hit Aviation Sector: Report

There have been about 150 deaths in India due to COVID-19 pandemic and over 5,000 positive cases.