Ritwik (3 Points)
29 July 2024I filed my IT return last month (June first week) and today I received the exact amount deducted as TDS but I didn't receive the interest at the rate of 0.5% for each month or part of month starting from April 2024 as stated in IT Act . I would like to know whether I should have gotten interest on TDS refund along with the TDS which was actually deducted in April 2023. Thanks
CA Anoop Kumar Sharma
(Accounts Manager)
(1957 Points)
Replied 29 July 2024
Kindly check that interest on the refund is calculated only if the refund amount exceeds 10% of the tax payable otherwise interest will not be paid.
Ritwik
(3 Points)
Replied 29 July 2024
I have zero tax liability entire TDS I paid is refunded without paying interest . I also checked with others in my circle and they also received refund without the benefit of interest. My refund amount is only Rs.3000, is there a minimum amount of refund to qualify for interest ?
CAclubindia
