Interest calculation on income tax refund

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 November 2011 i had filed my it returns for ay 10-11 on 28.7.10 with refund due to me of Rs 22216/-
I have received refund of Rs 24440/- on 9.11.11 implying that i have been paid a interest of 2224/-. The refund was primarily on account of tds from interest income.

Please guide as to how this interest is calculated and whether i have received the correct amount

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

13 November 2011 Interest on refund is granted @ 1/2% per month. It has been calculated from 1.4.2010
to the date of refund granted.

.
You have been correctly paid.
.
Interest for 20 months @ 0.5% on Rs 22200/ has to be calculated.
.

Message likes : 1 times