Section 244a
1 where refund of any amount becomes due to the assessee under this act he shall subject to the provisions of this section be entitled to receive in addition to the said amount simple interest thereon calculated in the following manner namely.
Section 244a. Period is very important. In section 244a of the income tax act with effect from the 1st day of june 2016 a in sub section 1 for clause a the following clauses shall be substituted namely. Section 244a 1 a deals with interest where refund is out of tds or by way of advance tax.
From which date and for which period assessee is entitled to interest u s 244a. 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. Whenever an assessee gets his refund from the department which is late then he is entitled for the interest u s 244a of the income tax act 1961.
A careful look at sub section 1 of section 244a would reveal that it has three parts. 244a that the former discourse was by phaedrus the son of pythocles eager for fame of myrrhinus myrrhtown. 1 where refund of any amount becomes due to the assessee under this act he shall subject to the provisions of this section be entitled to receive in addition to the said amount simple interest thereon calculated in the following manner namely.
The first part deals with the entitlement of a person to interest whenever he is due to get a refund from the department. Section 244a of income tax act interest on refunds section 244a. Section 244a in the income tax act 1995 244a.
Sub section b does not portray any such condition. The proviso under sub section a has to be read with regard to sub section a and applies to sub section a only. 3 interest on refunds 1 4 where refund of any amount becomes due to the assessee under this act he shall subject to the provisions of this section be entitled to receive in addition to the said amount simple interest thereon calculated in the following manner namely.
There remains a confusion of the year and calulation of the interest for the period. And i must say that this saying is not true which teaches that when a lover is at hand the non lover should be more favored because the lover is insane and the other sane. The second part relates to the method of computation of such interest.