When i can get interest on income tax refund
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 May 2015
when i can get interest on income tax refund and also whether 10% of total tax liability is below or equal to then can we get interest on income tax refund.
31 May 2015
Under Section 244A of the Income-Tax Act, a taxpayer is entitled to interest at the rate of 0.5 per cent for every month from the first day of April of the assessment year to the date on which the refund is granted.
However, no interest is paid if the refund amount is less than 10 per cent of the tax paid by the taxpayer.
However, no interest is paid if the refund amount is less than 10 per cent of the tax paid by the taxpayer.
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