https://www.taxtmi.com/news?id=12371 Interest on refunds of excess tax is a statutory, non discretionary obligation under the Income Tax Act and has been treated as a reduction from gross tax revenue rather than a separate expenditure in annual financial statements; a legal opinion concluded it is not an expenditure under Article 112(1) and the Government will consider and respond to the Parliamentary committee's observations within the prescribed period. en-us Mon, 10 Feb 2014 09:32:45 +0530 Mon, 10 Feb 2014 09:32:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=12371 Interest on refunds of excess tax is a statutory, non discretionary obligation under the Income Tax Act and has been treated as a reduction from gross tax revenue rather than a separate expenditure in annual financial statements; a legal opinion concluded it is not an expenditure under Article 112(1) and the Government will consider and respond to the Parliamentary committee's observations within the prescribed period. News - Mon, 10 Feb 2014 09:32:45 +0530 https://www.taxtmi.com/news?id=12371