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of <h1>Taxpayers must pay interest on excess refunds under Section 234D; applies to assessments under Sections 147 or 153A.</h1> Section 234D, introduced by the Finance Act, 2003, mandates that if a taxpayer receives a refund under section 143(1) of the Income-tax Act and either no refund is due upon regular assessment or the refund exceeds the amount due, the taxpayer must pay interest at two-thirds percent per month on the excess amount from the refund date to the regular assessment date. If subsequent orders confirm the refund's correctness, the interest may be adjusted. For assessments under sections 147 or 153A, the first assessment is considered a regular assessment for this section's purposes.
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