Rate of interest on income tax refund

T.N.Reddy (M.Com) (279 Points)

03 June 2024

sir, normally, how much rate of interest is charged on our refund, I mean corporate refunds

Reply
Follow
Share

3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (194656 Points)
Replied 03 June 2024

Interest at 0.5% per month (i.e 6% per annum) is paid from 1st April till date of refund.

No refund is payable if the Refund is less than 10% of tax payable.

1 Like

T.N.Reddy (M.Com) (279 Points)
Replied 03 June 2024

Sir. could you help me out with the relevant section sir

CA Anoop Kumar Sharma (Accounts Manager) (2070 Points)
Replied 03 June 2024

As per U/s 244A Eligible to receive interest @ 6% on delay in refund to the taxpayer.

Start a New Discussion