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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Bill 2024 amends section 244A of Income-tax Act, altering interest calculation on refunds during assessment delays.</h1> Clause 72 of the Finance (No. 2) Bill, 2024, proposes an amendment to section 244A of the Income-tax Act concerning interest on refunds. The amendment modifies the proviso in sub-section (1A), changing the reference from the date on which assessment or reassessment is made to the date up to which the refund is withheld. This change affects the calculation of the period for determining additional interest payable to an assessee when assessment or reassessment proceedings are pending. The amendment is set to take effect on October 1, 2024.
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