Interest on income tax refund
This query is : Resolved
27 April 2015
Sir
For FY 13-14 & AY 14-15 i have filled return on 11-12-2014 and refund due is 20,290 i got refund order dt 13-04-2015 of 21098 including interest of rs 808 delay of 5 months is mentioned in intimation ) .
Please tell me is interest calculation justified and how interest on refund is calculated from - to which date
Thanks
For FY 13-14 & AY 14-15 i have filled return on 11-12-2014 and refund due is 20,290 i got refund order dt 13-04-2015 of 21098 including interest of rs 808 delay of 5 months is mentioned in intimation ) .
Please tell me is interest calculation justified and how interest on refund is calculated from - to which date
Thanks
27 April 2015
http://mukeshpatel.in/save-tax-the-smart-way/interest-on-tax-refund/
27 April 2015
Please tell me is interest calculation justified and how interest on refund is calculated from - to which date
27 April 2015
can you give me detail ....amount of refund related to f.y. 13-14 and 14-15 seprately
28 April 2015
mam its only single fy 13-14 .14-15 is its ay kindly read first line of query
28 April 2015
Interest will be calculated from April, 2014 to (i.e., beginning of AY) month of your refund order.
In your case, the interest on refund will be calculated @6% * 8 months.
You shall consider your date of refund order and not to consider receipt of your refund order.
You can find the date of refund order in 'intimation u/s. 143(1)' which you received by email.
Normally, the date of refund order may be feb 2014 but you received in the month of April, 2014. Because, income tax department was stopped the refund process during the march 2015
In your case, the interest on refund will be calculated @6% * 8 months.
You shall consider your date of refund order and not to consider receipt of your refund order.
You can find the date of refund order in 'intimation u/s. 143(1)' which you received by email.
Normally, the date of refund order may be feb 2014 but you received in the month of April, 2014. Because, income tax department was stopped the refund process during the march 2015
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