Interest rate
Querist : Anonymous
Rate of Interest is 1/2% per 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.
For details refer section 244A from below link--
https://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITAC&schT=&csId=ed342b16-e4a2-4e3f-af94-7ea20b5ff598&rdb=sec&yr=303d6389-2d18-4432-bdbf-b74822b1a6df&sec=244A&sch=&title=Taxmann%20-%20Direct%20Tax%20Laws
Querist : Anonymous
Querist : Anonymous
my question is interest rate on service tax refund,which is excess paid bt the assessee to the Government.
DATED 12/09/2003. Rate as I last checked is 6%.
Check point No 6.4 from link given below--
https://www.servicetax.gov.in/faq-29sept11.pdf
Also refer section 11BB of the Central Excise Act, 1944. Not quite sure about the rate I think its 8%. Link given below may kindly be seen--
https://www.taxmanagementindia.com/visitor/detail_article.asp?ArticleID=139
Querist : Anonymous
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