Refund interest rules amended to specify monthly interest, additional annual interest, and eligibility conditions for tax refunds. Amendment to section 244A fixes refund interest at one-half percent per month for refunds from tax collected at source, advance tax, or specified ... Summary
Refund interest rules amended to specify monthly interest, additional annual interest, and eligibility conditions for tax refunds.
Amendment to section 244A fixes refund interest at one-half percent per month for refunds from tax collected at source, advance tax, or specified payments, with timing tied to filing on-time or actual filing/payment dates; excludes interest where the refund is less than ten percent of tax determined on assessment. It adds a provision for additional interest at a specified annual rate when refunds arise from giving effect to certain orders without fresh assessment, running from the day after the expiry of the assessment time-limit to the refund date.
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