Vivad se Vishwas Interest on Refund
This query is : Open
06 June 2022
An assessee had paid tax demanded and interest thereon in compliance to assessment order and also filed an appeal against the order. During pendency of appeal he applied for Vevadd se Vishwas and finally Form 5 has been issued. The assessee is entitled to some refund on account of excess payment of tax. Please let me know whether any interest may be claimed on such refund. Further, while filing VsV forms the assessee was not allowed credit for TDS which he now wants to claim separately. Will he be allowed to claim such TDS and interest thereon.
Please guide.
Please guide.
06 June 2022
Interest payment is automatic on refund. No need to claim.
In respect of TDS not claimed file rectification under tax credit mismatch.
In respect of TDS not claimed file rectification under tax credit mismatch.
10 June 2022
FAQ on Vivad se Vishwas Scheme says as under :
Q5. What if the disputed demand including interest has been paid by the appellant while being in appeal?
Appeals in which appellant has already paid the disputed demand either partly or fully are also covered. If the amount of tax paid is more than amount payable under Vivad se Vishwas, the appellant will be entitled to refund without interest under section 244A of the Act.
Whether the stand of CBDT is correct in denying interest ? Is it not unjust ? Is there any court decision allowing interest on refund ?
Q5. What if the disputed demand including interest has been paid by the appellant while being in appeal?
Appeals in which appellant has already paid the disputed demand either partly or fully are also covered. If the amount of tax paid is more than amount payable under Vivad se Vishwas, the appellant will be entitled to refund without interest under section 244A of the Act.
Whether the stand of CBDT is correct in denying interest ? Is it not unjust ? Is there any court decision allowing interest on refund ?
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