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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Bill 2017 amends Section 244A: Deductors to receive 0.5% interest on tax refunds; effective April 1, 2017.</h1> Clause 77 of the Finance Bill, 2017, proposes amendments to section 244A of the Income-tax Act concerning interest on tax refunds. A new sub-section (1B) is introduced to entitle deductors to receive simple interest at 0.5% per month on refunds due under Chapter XVII-B, from the date of refund claim or tax payment until the refund is granted. Additionally, sub-section (2) is amended to include deductors alongside assessees, specifying that interest is not allowed for delays attributable to the deductor. These changes are effective from April 1, 2017.
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