I-T dept releases Rs 5,200 cr refunds to over 800,000 small businesses

Further refunds of about Rs 7,760 cr to be made soon, GST refund claims of Rs 3,800 cr also processed

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