Interest on income tax refund

1) You will get interest though you file late return

2) from the date you file return to date of procedure

3) i think it is 0.5% or 1% (not sure)

Originally posted by : Siddharth Bumb
	1) You will get interest though you file late return 2) from the date you file return to date of procedure 3) i think it is 0.5% or 1% (not sure)

It is 0.5%

Dear friend,

I am a retired banker sine 1-11-2007. I did not opt for pension at the time the pension scheme was introduced in Banks. Hence I was getting only interest on the deposits made in Bank upto 31-10-2010. When the Pension Scheme was reintroduced in 2010 w.e.f. 26-09-2009 I received arrears of pension from that day resulting in the total income to over 4 lakh. Due to some discrepacies a TDS on pension for February 2011 was refunded late by a month resulting in late payment of tax and late filing of IT return. Now I have a doubt in making payment of tax for the Assessment Year 2012-13 for which I furnish the details below:

Date of Birth 26-10-1947 Total Interest Income (Interest on FDRs 1-4-2011 to 31-3-2012) Rs.216485/- Total Pension for 12 months from April 2011 to March 2012 Rs.202275/- Eligible Deductions: 1) Life Insurance premium (Whole life-Annual premium) Rs.50000/- Investment in Tax Saver MF Rs.50000/- Longterm infrastructure Bond (80ccf) Rs.20000/-.

From the above I want to know the Tax liability for the FY 2011-12/AY 2012-13 along with the total interest according to 234abc.

Kindly help.

V.SANKARAN