Interest rate adjustment under section 244A alters the statutory method for calculating refund interest. The amendment to section 244A substitutes the rate in sub section (1), clauses (a) and (b), replacing the prior one percent specification with three ... Summary
Interest rate adjustment under section 244A alters the statutory method for calculating refund interest.
The amendment to section 244A substitutes the rate in sub section (1), clauses (a) and (b), replacing the prior one percent specification with three fourth per cent, effective from the 1st day of June, 2001, thereby changing the statutory interest rate applicable under those clauses.
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