Interest On Income Tax Refund Section
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Section 244a entitles the assessee to get interest on the refund amount and such interest is payable from the date of payment of tax or payment of penalty till refund is granted.
Interest on income tax refund section. As per section 244a of the income tax act simple interest at the rate of 0 5 per month or part of the month on the amount of tax refund is paid. The letter and spirit of the law on the subject is that the. Interest payments may be received.
Refund of excess self assessment tax paid by assessee would not be eligible for interest under section 244a the court concluded that there cannot be a general rule that whenever a refund of income tax paid in excess is made the revenue must necessarily pay interest on refunded amount. This court is of the opinion that the view taken by the assessing officer and the appellate commissioner is correct. Unless there is an exact indication in the income tax act itself that interest payable on income tax refund amounts fulfill the basic character as income defined under section 2 24 of the income tax act cannot be ignored.
If the delay was caused by the assessee fault interest would not be provided by it department. 1 5 interest for each month is provided for excess income tax paid or income tax deducted under tds provisions. Interest on individual 2019 refunds reflected on returns filed by july 15 2020 will generally be paid from april 15 2020 until the date of the refund.
It is clear from the statutory provisions as applicable to the relevant assessment years that there is no requirement of assessee making a claim either for refund or. People who submitted their 2019 income tax returns by july 15 are eligible for interest payments of up to 5 on their tax refunds. Some 13 9 million people are slated to receive the additional.
It dept levied interest of 1 per month on interest on it refund received under section 234b 234c each for deficit of payment of advance tax i e 90 and deficit payment of quarterly advance tax respectively for the f y 2016 17.
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