Appreciation - IT dept & query on refund

Tax queries 185 views 13 replies
User Avatar

NA
216 Points Joined May 2015

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

1 Reply Share Follow
On 23 June 2022 at 18:20 Report
Replies (13)
User Avatar

CFO- at NHTF
58280 Points Joined August 2012
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
User Avatar

NA
216 Points Joined May 2015

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
User Avatar

CFO- at NHTF
58280 Points Joined August 2012
It's 0.5% per month . Per annum 6%
5 Reply
On 23 June 2022 at 19:05
User Avatar

Chartered Accountant
86500 Points Joined April 2011
6% p.a from the date of payment to refund.
1 Reply
On 23 June 2022 at 20:44
User Avatar

NA
216 Points Joined May 2015

@ 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
User Avatar

Chartered Accountant
86500 Points Joined April 2011
Interest is from 01 April 2022 to Date of Refund.
3 Reply
On 23 June 2022 at 21:41
User Avatar

NA
216 Points Joined May 2015

Thank you very much. It's clear now.

2 Reply
On 23 June 2022 at 22:24
User Avatar

Chartered Accountant
86500 Points Joined April 2011
Welcome Dear.....
1 Reply
On 23 June 2022 at 22:55
User Avatar

CFO- at NHTF
58280 Points Joined August 2012
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
User Avatar

NA
216 Points Joined May 2015

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
User Avatar

CFO- at NHTF
58280 Points Joined August 2012
Yeah . That will be fine
1 Reply
On 24 June 2022 at 21:15
User Avatar

Chartered Accountant
86500 Points Joined April 2011
The rule is from calculating interest on refund is from 01 day of assessment year
2 Reply
On 24 June 2022 at 21:37
User Avatar

CFO- at NHTF
58280 Points Joined August 2012
👍🏻👍🏻
Reply
On 24 June 2022 at 21:41


CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading