18 March 2009
i would like to know what is the rate of interest on refund? i read its between 5 to 13% please inform about the exaCT rate n also the notification for it.
03 April 2009
It is 6% from 12.9.2003 [notification 67/2003)
Very few people claim the same as it takes years to get the principal itself !! However if more tax payers insist on payment of interest the time taken for the refund sanction would reduce.
CAclubindia
