Refund has become due for penalty (271(1)(c) paid on 25/02/2002 for A.Y. 1985-86. (High Court's Order)
What should be rate on interest that I should get on refund?
3/4% for full period. Or 3/4 % for Feb'2002 to May'2002 than 1/2% for rest of period?
Thanks
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.
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