Rate of interest on refund
This query is : Resolved
29 October 2010
Block Assessment 1997 was completed in 2004-05, our refund of 16,75,000 of AY 1997-98 was considered as tax liability by commissioner Appeals.
We went into appeal to ITAT and order was in our favour on Aug 2009.
Till date we have not received our refund so @ what rate we will receive interest on 16,75,000.
We went into appeal to ITAT and order was in our favour on Aug 2009.
Till date we have not received our refund so @ what rate we will receive interest on 16,75,000.
29 October 2010
As per Sec 244 A - 1.5% every month.
02 January 2011
The rate of Interest is One half Percent i.e. 0.5% per month.
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