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interest on refund claim sec 243 of IT Act, 1961
If a refund is not claimed within 3 months, is the person liable to get interest on delayed refund @ 15% per annum?
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Under Section 244A of theIncome-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, where the refund arises on account of tax deduction at source (TDS) or advance-taxpayment.
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