Interest on refund: entitlement to simple interest for delayed tax refunds, with exclusion, adjustment and procedural provisions. An assessee is entitled to simple interest on refundable amounts for specified periods: for refunds from advance tax or tax collected at source the period generally begins the April following the financial year; for other refunds it begins on the date of payment; if the return is filed late the period starts from filing. Interest is excluded where the refund falls below a prescribed threshold, periods of taxpayer caused delay are excluded (with disputes decided by the Chief Commissioner or Commissioner), interest is adjusted for subsequent orders, and excess interest must be demanded by notice; interest on unpaid interest is also payable.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest on refund: entitlement to simple interest for delayed tax refunds, with exclusion, adjustment and procedural provisions.
An assessee is entitled to simple interest on refundable amounts for specified periods: for refunds from advance tax or tax collected at source the period generally begins the April following the financial year; for other refunds it begins on the date of payment; if the return is filed late the period starts from filing. Interest is excluded where the refund falls below a prescribed threshold, periods of taxpayer caused delay are excluded (with disputes decided by the Chief Commissioner or Commissioner), interest is adjusted for subsequent orders, and excess interest must be demanded by notice; interest on unpaid interest is also payable.
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