TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Government must pay 15% interest on delayed tax refunds under Income Tax Act, excluding assessments from April 1, 1989 onwards</h1> Where a refund is due to a taxpayer under an order specified in the Income Tax Act and is not granted within three months from the end of the month in which the order is passed, the government must pay simple interest at fifteen percent per annum on the refund amount from the day after the three-month period until the refund is made. If the refund arises from excess amounts paid after March 31, 1975, following an assessment or penalty order later found excessive on appeal, interest is payable from the date of payment to the refund date, with no interest payable for one month after the appellate order. Interest is also payable on refunds withheld under section 241 from three months after the relevant order until payment. These provisions do not apply to assessments for the year beginning April 1, 1989, or later.
TaxTMI 
TaxTMI 
