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Interst on refund of tax paid in excess

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12 June 2010 What are the rules about refund of excess tax paid? What is the % of interest to be paid by IT Deptt and from which date it is applied?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
12 June 2010 Rate of interest is 1/2 % for every month or part of a month. However, no interest will be payable if the amount of refund is less than 10 % of the tax determined by the department. For more details pl refer section 244A of the Income tax Act,1961.
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