Current Affairs In Detail

I-T department to release all pending income tax refunds to benefit 14 lakh taxpayers
I-T department to release all pending income tax refunds to benefit 14 lakh taxpayers

The I-T department of the Ministry of Finance will also release all Goods and Service Tax (GST) and custom refunds to around 1 lakh business entities.

09 April 2020 Current Affairs:The Centre has announced that it is to issue all the pending income-tax refunds up to Rs.5 lakh immediately. The move by the Centre is to provide immediate relief to the business entities and individuals.

I-T refunds:
♦ An income tax (I-T) refund is due to a taxpayer/individual when the tax deducted from his/her income in a particular financial year is higher than his/her total income tax liability.
♦ The I-T refunds will benefit around 14 lakh taxpayers across India.
♦ The I-T department of the Ministry of Finance will also release all Goods and Service Tax (GST) and custom refunds to around 1 lakh business entities, including micro, small and medium enterprises (MSME).
♦ A total refund grant of approximately Rs.18,000 crore will be released to the business entities. 

Income Tax Department:
Formed: 1860
Headquarters: New Delhi
Minister responsible: Nirmala Sitharaman, Finance Minister
Chairman: Pramod Chandra Modi
Income Tax Department functions under the Ministry of Finance. The department is headed by the Central Board of Direct Taxes (CBDT). It enforces various direct tax laws, to collect revenue for the Government of India.