Interest paid on refund claim

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 June 2016 I have only 4.5 lakhs interest income on fixed deposits in one bank only in AY16-17.
I save 1.5 Lakhs under 80C in AY16-17.
Bank will deduct quarterly TDS @ 11.25 Thousand.
15H is not being taken by bank as interest income is greater than 2.5 Lakhs in AY16-17.
After 31st March'2017 I shall claim 45 Thousands refund after filing ITR.
IT dept. will refund 45Thousands with 6% interest on it calculated from April'17 to till date of refund.

MY QUESTION THAT IT DEPT. MUST PAY ME INTEREST ON THE TDS REMAINED WITH THEM FROM END OF 1ST QUARTER OF AY16-17 & ONWARD QUARTERS AS PER SUPREME COURT JUDGEMENT IN YEAR 2014. BUT, THEY DON'T PAY. THUS. I LOOSE AROUND 2 THOUSAND AS INTEREST FOR NO FAULT OF MINE.

IF THERE IS ANY RULE TO CLAIM THIS INTEREST (2 THOUSAND) FROM IT DEPT. THEN KINDLY LET ME KNOW.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

01 June 2016 IT dept does pay interest. It gets generated automatically at CPC processing. If it is NOT generated, you may file an application asking for the same.

Rupesh Jain

Rupesh Jain (Expert)
Follow

01 June 2016 deptt give intt if your tds amount will remain after set off your tax liability.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

SUMAN SAHA

CA Rahul Patwardhan

T E SOUNDARARAJAN

Hanuma Yanduri

CA Bijo scaria

Subscribe Now

Interest paid on refund claim

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

Article Assistant

Accountant

GST CONSULTANCY

GST CONSULTANT