Rate of interest on refund
Shiva kumar (1 Points)
22 September 2023
at what percentage of interest we will get a refund
8 Replies
Eswar Reddy S
(CFO- at NHTF)
(58002 Points)
Replied 22 September 2023
On income tax refund you may get 6% per annum.
That means 0.5% per month .
Refer Section 244A of income tax act
That means 0.5% per month .
Refer Section 244A of income tax act
Eswar Reddy S
(CFO- at NHTF)
(58002 Points)
Replied 23 September 2023
But from which month refund will be given ?
If ITR filed in July , earlier department used to give interest from April to till the date of processing ITR at 0.5% per minth
If ITR filed in July , earlier department used to give interest from April to till the date of processing ITR at 0.5% per minth
sabyasachi mukherjee
(22767 Points)
Replied 23 September 2023
The queries must mention in detail what are the issues involved is it for refund or late payment.
sparsh wadhwa
(Tax Preparation service)
(1363 Points)
Replied 26 September 2023
0.5% per month. can contact us at 9024 Nintyone 5488. Thanks
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