refund of tax
Susanta mandal (99 Points)
30 November 2017
within how many days refund will be got & what is the interest rate
2 Replies
Prajjwal Kaushik
(Finance Professional)
(6216 Points)
Replied 13 December 2017
Under Section 244A of the Income-Tax Act, a taxpayer is entitled to interest at 0.5% for every month (6% per annum) from the first day of April of the assessment year to the date on which the refund is granted, where the refund arises on account of tax deduction at source (TDS) or advance-tax payment. However, no interest is paid if the refund amount is less than 10% of the tax paid.
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