Appreciation - IT dept & query on refund

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NA
120 Points Posted on 23 June 2022

First of all I must really appreciate the speed with which IT dept processed my Aunt's ITR1. There was a refund and the ITR has been processed within 4 days of filing and intimation received today. I am happy that systems are finally efficient!

The refund amt matches our filing data but they have shown interest of 174 Rs paid by IT dept which is actually added to the refund.

So from which date is this interest calculated? If ITR is processed within 4 days then just for 4 days interest can  not be 174, I guess? 

Do you have any idea? Thank you.

https://i.imgur.com/KplFOdV.png

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On 23 June 2022 at 18:20 Report
Replies (13)
Quick Summary
A user expressed appreciation for the IT department's swift processing of an ITR1, which was completed within four days, resulting in a refund. However, they were querying the interest amount of £174 added to the refund, as it seemed disproportionate for such a short processing time. Other users clarified that interest on IT refunds is typically calculated from the beginning of the assessment year (1st April) until the date of refund generation, at a rate of 6% per annum, which explained the £174 amount for an £11,000 refund.

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CFO- at NHTF
15022 Points Posted on 23 June 2022
Interest on IT Refund may be given from the beginning of Assessment Year to till the date of generation of intimation.
5 Reply
On 23 June 2022 at 18:34
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NA
120 Points Posted on 23 June 2022

Is it 6% PA? because then for 3 months (Apr - Jun) it comes to around 175 and tallies.

2 Reply
On 23 June 2022 at 19:03
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CFO- at NHTF
15022 Points Posted on 23 June 2022
It's 0.5% per month . Per annum 6%
5 Reply
On 23 June 2022 at 19:05
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Chartered Accountant
44442 Points Posted on 23 June 2022
6% p.a from the date of payment to refund.
1 Reply
On 23 June 2022 at 20:44
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NA
120 Points Posted on 23 June 2022

@ CA Rashmi Gandhi  Thanks

What is  date of payment? Is it  start of financial year? because only then 175 interest amount matches to the refund amount which is abt 11K.

 

1 Reply
On 23 June 2022 at 21:31
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Chartered Accountant
44442 Points Posted on 23 June 2022
Interest is from 01 April 2022 to Date of Refund.
3 Reply
On 23 June 2022 at 21:41
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NA
120 Points Posted on 23 June 2022

Thank you very much. It's clear now.

2 Reply
On 23 June 2022 at 22:24
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Chartered Accountant
44442 Points Posted on 23 June 2022
Welcome Dear.....
1 Reply
On 23 June 2022 at 22:55
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CFO- at NHTF
15022 Points Posted on 24 June 2022
An amendment has inserted to Section 244A. Need to check the applicability. They may give interest in future from the date of filing and not from the beginning of AY
1 Reply
On 24 June 2022 at 06:09
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NA
120 Points Posted on 24 June 2022

OK all right. For now  they seem to have given from 1-apr-22. 6% interest  and calculations nearly match.

 

1 Reply
On 24 June 2022 at 13:43
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CFO- at NHTF
15022 Points Posted on 24 June 2022
Yeah . That will be fine
1 Reply
On 24 June 2022 at 21:15
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Chartered Accountant
44442 Points Posted on 24 June 2022
The rule is from calculating interest on refund is from 01 day of assessment year
2 Reply
On 24 June 2022 at 21:37
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CFO- at NHTF
15022 Points Posted on 24 June 2022
👍🏻👍🏻
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On 24 June 2022 at 21:41

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