Interest on refunds - Section 244A

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..... If Return Submitted within due date under section 139(1) :- from the 1st day of April of the assessment year to the date on which the refund is granted , if the return of income has been furnished on or before the due date specified under section 139(1) ; or (ii) If Return Submitted after due date under section 139(1) :- from the date of furnishing of return of income to the date on which the refund is granted , in a case not covered under sub-clause (i); where refund arises as a result of an order passed by the Assessing Officer in consequence of an application made by the assessee under section 155(20) , such interest shall be calculated at the rate of 0.5% for every month or part of a month comprised in the .....

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..... ent , the assessee shall be entitled to receive, in addition to the interest payable under sub-section (1), an additional interest on such amount of refund calculated at the rate of 3% per annum , for the period beginning from the date following the date of expiry of the time allowed under section 153(5) to the date on which the refund is granted . where proceedings for assessment or reassessment are pending in respect of an assessee, in computing the period for determining the additional interest payable to such assessee under this sub-section shall be excluded , from the date on which such refund is withheld by the Assessing Officer in accordance with and subject to provisions of section 245(2) and t .....

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..... ion 147 or section 154 or section 155 or section 250 or section 254 or section 260 or section 262 or section 263 or section 264 or an order of the Settlement Commission under section 245D(4) , the amount on which interest was payable under sub-section (1) of section 244A has been increased or reduced, as the case may be, the interest shall be increased or reduced accordingly, and in a case where the interest is reduced, the Assessing Officer shall serve on the assessee a notice of demand in the prescribed form specifying the amount of the excess interest paid and requiring him to pay such amount; and such notice of demand shall be deemed to be a notice under section 156 and the provisions of this Act shall apply .....

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