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of <h1>Finance Act 2023 amends Section 244A: New rules on tax refund interest rates and assessment proceedings.</h1> Section 244A of the Income-tax Act has been amended by the Finance Act, 2023. Effective from October 1, 2023, a proviso is added to sub-section (1), clause (a), specifying that if a refund results from an application under section 155(20), interest will be calculated at 0.5% per month from the application date to the refund date. Additionally, a proviso is added to sub-section (1A), stating that when assessment or reassessment proceedings are pending, the period during which a refund is withheld by the Assessing Officer is excluded from calculating additional interest payable.
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