on what basis, from which date interest on IT refund is calculated by department.
our it refund since 1999-2000 and many years was pending due to some issues. the issues were solved in court solved after that IT department given the refund with refund.
from 1999 to 2018 almost 20 years laps now we received with interest. the interest amount is look like very less.
hence I request you to help me in this issue & guide me how to calculate interest and how to get that amount from department..
1 Replies
Miss Mansi Bhojani
(Practicing Chartered Accountant)
(1736 Points)
Replied 02 August 2018
Under Section 244A of the Income-Tax Act, a taxpayer is entitled to interest at 0.5% for every month (6% per annum) from the first day of April of the assessment year to the date on which the refund is granted. However, no interest is paid if the refund amount is less than 10% of the tax paid.
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