TaxTMI Login
Just a moment...
By creating an account you can:
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All TMI Notes
of of All TMI Notes
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Income Tax Bill 2025 Clause 426 introduces 0.5% monthly interest on excess refunds mirroring Section 234D</h1> The Income Tax Bill 2025's Clause 426 introduces interest charges on excess refunds, mirroring Section 234D of the Income-tax Act 1961. The provision charges 0.5% monthly interest when refunds granted under summary assessment exceed amounts due on regular assessment or when no refund is warranted. Interest applies from refund date to regular assessment completion. The clause provides relief when appellate orders subsequently validate the original refund. Key differences from Section 234D include updated cross-references to new Bill sections and absence of explicit retrospective application provisions, potentially creating transitional interpretation challenges.
TaxTMI 
TaxTMI 