What is the interest rate on income tax refund? and from which date one should calculate the interest
I received the income tax refund for AY 2009-10 in Feb,11, so from which date i should calculate the interest.
1 Replies
CA. Arpita Singhal
(Partner)
(100 Points)
Replied 20 April 2011
Int. rate on IT Refund is 1/2% for a month or part of a month from the first day of the AY(if refund is of advance tax) in all the other cases 1/2 % from the date of payment of such tax till the grant of refund
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