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of <h1>Interest on Tax Refunds: New Forms Ensure Accurate Calculations Under Income-tax Act Sections 243, 244(1), and 244(1A.</h1> Under sections 243 and 244(1) of the Income-tax Act, 1961, interest is payable to assessees when there is a delay in issuing refunds. Section 244(1A) specifies that interest is due on refundable amounts paid after March 31, 1975, following an appeal or proceeding. A study revealed that interest was not consistently granted, prompting the introduction of two computation sheets to ensure accurate interest calculation. Annexure-I is for interest under section 243, and Annexure-II for sections 244(1) and 244(1A). These forms are to be implemented immediately to prevent oversight in interest payments.
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