Interest on income tax refund
This query is : Resolved
27 April 2015
Sir
For FY 13-14 & AY 14-15 i have filled return on 11-12-2014 and refund due is 20,290 i got refund order dt 13-04-2015 of 21098 including interest of rs 808 delay of 5 months is mentioned in intimation ) .
Please tell me is interest calculation justified and how interest on refund is calculated from - to which date
Thanks
For FY 13-14 & AY 14-15 i have filled return on 11-12-2014 and refund due is 20,290 i got refund order dt 13-04-2015 of 21098 including interest of rs 808 delay of 5 months is mentioned in intimation ) .
Please tell me is interest calculation justified and how interest on refund is calculated from - to which date
Thanks
27 April 2015
https://mukeshpatel.in/save-tax-the-smart-way/interest-on-tax-refund/
27 April 2015
Please tell me is interest calculation justified and how interest on refund is calculated from - to which date
27 April 2015
can you give me detail ....amount of refund related to f.y. 13-14 and 14-15 seprately
28 April 2015
mam its only single fy 13-14 .14-15 is its ay kindly read first line of query
28 April 2015
Interest will be calculated from April, 2014 to (i.e., beginning of AY) month of your refund order.
In your case, the interest on refund will be calculated @6% * 8 months.
You shall consider your date of refund order and not to consider receipt of your refund order.
You can find the date of refund order in 'intimation u/s. 143(1)' which you received by email.
Normally, the date of refund order may be feb 2014 but you received in the month of April, 2014. Because, income tax department was stopped the refund process during the march 2015
In your case, the interest on refund will be calculated @6% * 8 months.
You shall consider your date of refund order and not to consider receipt of your refund order.
You can find the date of refund order in 'intimation u/s. 143(1)' which you received by email.
Normally, the date of refund order may be feb 2014 but you received in the month of April, 2014. Because, income tax department was stopped the refund process during the march 2015
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Booth for sales promotion
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Average Cost Of High Quality Diamonds
- ITR 4 OR ITR 3 WHICH FORM CHOOSE
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
