Income tax refund.
This query is : Resolved
30 March 2012
My tax refund due for previous year 2011-12 was Rs. 22420. But i received on 11 feb 2012 tax refund from department of Rs.23,540. Does it means that (23,540-22,420=1,120) is interest on refund? Guide me on how to calculate interest on refund and what is rate of interest?Thnx.
30 March 2012
Dear Friend, First find our the A.Y. for your refund is your previous year is 2010-11 and AY 2011-12 , then government will pay your refund @6%p.a. from 1-4-2011 to 11-02-2012.
Rs. 22420*6%*10/12=1121 ( Your interest)
Thanks
Rs. 22420*6%*10/12=1121 ( Your interest)
Thanks
30 March 2012
Thanx a lot Deepak Sir.
30 March 2012
Deepak Ji can you plz guide me regarding its accounting?
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