Rate of interest on income tax refund
T.N.Reddy (M.Com) (255 Points)
03 June 2024
sir, normally, how much rate of interest is charged on our refund, I mean corporate refunds
3 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177824 Points)
Replied 03 June 2024
Interest at 0.5% per month (i.e 6% per annum) is paid from 1st April till date of refund.
No refund is payable if the Refund is less than 10% of tax payable.
T.N.Reddy
(M.Com)
(255 Points)
Replied 03 June 2024
Sir. could you help me out with the relevant section sir
CA Anoop Kumar Sharma
(Accounts Manager)
(2065 Points)
Replied 03 June 2024
As per U/s 244A Eligible to receive interest @ 6% on delay in refund to the taxpayer.
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