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Discussion > Income Tax >

interest rate on income tax refund

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finance head


[ Scorecard : 26]
Posted On 20 April 2011 at 17:38 Report Abuse

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. 


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CA. Arpita Singhal
Partner


[ Scorecard : 100]
Posted On 20 April 2011 at 19:06

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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