Interst on refund of tax paid in excess
This query is : Resolved
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?
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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