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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Gift-tax Act Amendment Provides 1.5% Monthly Interest on Refunds Starting April 1989 Under Section 33A</h1> The amendment to section 33A of the Gift-tax Act introduces provisions regarding tax refunds. It establishes that refunds become due only after fresh assessments are made or when tax paid exceeds the chargeable amount. For assessment years from April 1, 1989 onward, the amendment provides for simple interest of 1.5% per month on refund amounts from the date of tax payment to the refund grant date. If refund delays are attributable to the taxpayer, that period is excluded from interest calculations. The amendment also addresses interest adjustments following subsequent orders and specifies procedures for recovering excess interest paid.
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