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of <h1>Finance Bill 2023: Section 244A Amended for Interest on Tax Refunds, New Rates and Exclusions Effective 2023.</h1> Clause 93 of the Finance Bill, 2023, amends section 244A of the Income-tax Act regarding interest on refunds. It introduces a proviso to sub-section (1), clause (a), effective from October 1, 2023, stipulating that interest on refunds due to an application under section 155(20) will be calculated at 0.5% per month from application to refund date. Additionally, a proviso to sub-section (1A) excludes the period during which refunds are withheld due to pending assessments or reassessments from the interest calculation, effective April 1, 2023.
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