Interest on Income Tax Refund: >>> Every taxpayer is entitled to - TopicsExpress

Interest on Income Tax Refund: >>> Every taxpayer is entitled to receive refund within one year from the end of the financial year in which his return is filed! >>> As per Section 244A of the Income-tax Act, a taxpayer is entitled to interest @ 0.5% for every month or part of the 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 TDS or advance-tax payment. But remember one thing that as per the proviso to Section 244A, no interest is payable if the amount of refund is less than 10% of the tax payable by the taxpayer.

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