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Section - 244A - Interest on refund due to deductor

 

The existing section provides that an assessee is entitled to receive interest on refund  arising out of excess payment of advance tax, TDS etc. The amendment seeks to provide that where refund of any amount becomes due to the deductor, such person shall be entitled to receive, in addition to the refund, simple interest on such refund at the rate of 0.5% for every month or part of the month from the date of refund claimed to the date on which refund is granted. In case of an order passed in Appeal refund will be granted from the date on which tax has paid to the date on which refund is granted.

 

The amendment will be effective from 1st April 2017.

 


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