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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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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