Sec 244A

This query is : Resolved

RITESH KHANDELWAL (Querist)
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03 April 2009 Dear Sir,

I would like to know wheteher Interest provided by Income tax Dept. u/s 244A is taxable or not?

regards,

Ritesh

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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03 April 2009
The interest received on refund of income tax is a taxable interest income.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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03 April 2009 its taxable

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Taranjit Singh

Taranjit Singh (Expert)
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03 April 2009 The interest received under section 244A of the Act is taxable.

Interest under section 244A of the Act is paid at the rate of 0.50 per cent (with effect from September 8, 2003) for every month or part thereof from April 1 of the assessment year or actual date of filing the Return of Income, whichever is later, to the date of granting the refund, provided however that the refund is not less than 10 per cent of the income tax.