The income tax department has released refunds amounting to Rs 5,204 crore to 820,000 small businesses, consisting of proprietory firms, trusts and companies, since April 8 to enable them carry out their activities without pay cuts and layoffs due to the situation created by Covid-19.
The department will issue further refunds of about Rs 7,760 crore as early as possible, Central Board of Direct Taxes (CBDT) said in a statement here.
The department has issued nearly 1.4 million refunds up to Rs 5 lakh each till date.
The board reiterated that responses are awaited from taxpayers regarding reconciliation with their outstanding tax demands in around 174,000 cases. It requested these tax payers to do so within seven days so that refunds can be processed earliest.
The Central Board of Indirect Taxes and Customs (CBIC) has processed 12,923 refund applications involving claims of Rs 3,854 crore since March 30.
The board said it has processed 7,873 claims worth Rs 3,854 crore in the last week itself.