Rate of interest on income tax refund
T.N.REDDY (M.Com) (239 Points)
03 June 2024
sir, normally, how much rate of interest is charged on our refund, I mean corporate refunds
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(167003 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)
(239 Points)
Replied 03 June 2024
CA Anoop Kumar Sharma
(Accounts Manager)
(1839 Points)
Replied 03 June 2024
As per U/s 244A Eligible to receive interest @ 6% on delay in refund to the taxpayer.
Live class on PF & ESI Enrollment & Returns Filing(with recording)
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