Processing and issuance of refunds by the board section 170a

Processing and issuance of refunds by the board section 170a: The Finance Bill seeks to insert new section, which provided that from tax year 2021, the Board may process and issue refund to the taxpayer who has filed the return of income without requiring refund application by the taxpayer to the extent of tax credit verified by the Board’s computerized system as may be prescribed.

The refund amount sanctioned under this section shall be electronically transferred in the taxpayer’s notified bank account.

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