Rate of interest

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RAJESH GUPTA

RAJESH GUPTA (Querist)
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05 September 2014 what is the rate of interest on income tax refund paid by income tax deptt.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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05 September 2014 it is 0.5 % per month or part thereof

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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05 September 2014 Refer section 244A. 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

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