Interest on refunds - Section 244A

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....n due date under section 139(1):- from the 1st day of April of the assessment year to the date on which the refund is granted, if the return of income has been furnished on or before the due date specified under section 139(1); or * (ii) If Return Submitted after due date under section 139(1):- from the date of furnishing of return of income to the date on which the refund is granted, in a case not covered under sub-clause (i); * where refund arises as a result of an order passed by the Assessing Officer in consequence of an application made by the assessee under section 155(20), * such interest shall be calculated at the rate of 0.5% for every month or part of a month comprised in the period from the date of such application to the d....

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....the rate of 3% per annum, for the period beginning from the date following the date of expiry of the time allowed under section 153(5) to the date on which the refund is granted. * where proceedings for assessment or reassessment are pending in respect of an assessee, in computing the period for determining the additional interest payable to such assessee u/s 244A(1A) shall be excluded, * from the date on which such refund is withheld by the Assessing Officer in accordance with and subject to provisions of section 245(2) and * with the date on which such assessment or reassessment is made [ with the date up to which such refund is withheld (inserted vide Finance (No. 2) Act, 2024 w.e.f. 01-10-2024)]. [ Section 244A(1A) ] * Where ref....