Interest on tax refunds: amended timing rules and added additional annual interest for delayed appellate refunds. The amendment revises interest computation and timing for tax refunds: for refunds from tax collected at source, advance tax or treated as paid, interest runs from April first when returns are timely filed or from the return filing date if late; interest on self assessment tax refunds runs from the later of payment or filing to the refund date. Interest is excluded below a specified refund threshold. Additional annual interest is payable where appellate or review orders give rise to refunds delayed beyond the prescribed procedural period.
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Provisions expressly mentioned in the judgment/order text.
Interest on tax refunds: amended timing rules and added additional annual interest for delayed appellate refunds.
The amendment revises interest computation and timing for tax refunds: for refunds from tax collected at source, advance tax or treated as paid, interest runs from April first when returns are timely filed or from the return filing date if late; interest on self assessment tax refunds runs from the later of payment or filing to the refund date. Interest is excluded below a specified refund threshold. Additional annual interest is payable where appellate or review orders give rise to refunds delayed beyond the prescribed procedural period.
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