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of <h1>Assessee Entitled to 0.5% Monthly Interest on Refunds; No Interest if Refund </h1> An assessee is entitled to receive simple interest at 0.5% per month on refundable amounts under specific conditions. The interest period starts from the tax year end or the payment date, depending on the refund type, and ends when the refund is granted. If the tax return is late, interest starts from the filing date. No interest is paid if the refund is less than 10% of the assessed tax. Delays caused by the assessee exclude interest for that period. Interest adjustments follow any rectifications, and excess interest demands are notified. Unpaid interest on refunds accrues further interest until paid.
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