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Introducing the βIn Favour Ofβ filter in Case Laws.
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<h1>Interest Rate on Tax Refunds Changed in Section 244A: Amendment Lowers Rate from Two-Thirds to One-Half Percent.</h1> Section 244A of the Income-tax Act, 1961, has been amended by the Taxation Laws (Amendment) Act, 2003. In sub-section (1), clauses (a) and (b), the interest rate on refunds has been changed from 'two-third per cent.' to 'one-half per cent.'