Interest on income tax refund
This query is : Resolved
03 February 2012
What is the rate of Interest on Income Tax Refund and from which date it should be calculated
03 February 2012
Rate of interest is 1/2% for every month or part of a month.
Period is:-
i) if refund is out of tax paid/deducted at source/collected u/s 206C, then interest to be calculated from 1st April of the assessment year to the dated of granting of refund.
ii) In any other case from the date of payment to the date on which the refund is granted.
Period is:-
i) if refund is out of tax paid/deducted at source/collected u/s 206C, then interest to be calculated from 1st April of the assessment year to the dated of granting of refund.
ii) In any other case from the date of payment to the date on which the refund is granted.
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