TMI BlogAmendment of section 244A.X X X X Extracts X X X X X X X X Extracts X X X X ..... paid by way of advance tax or treated as paid under section 199, during the financial year immediately preceding the assessment year, such interest shall be calculated at the rate of one-half per cent. for every month or part of a month comprised in the period,- (i) 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 furn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1), the following sub-section shall be inserted, namely:- (1A) In a case where a refund arises as a result of giving effect to an order under section 250 or section 254 or section 260 or section 262 or section 263 or section 264, wholly or partly, otherwise than by making a fresh assessment or reassessment, the assessee shall be entitled to receive, in addition to the interest payable under su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d or collected at source, etc. Further, it is provided that the period for which the interest is paid on excess payment of tax begins from the 1st April of the assessment year and ends on the date on which refund is granted. It is proposed to amend the said section to provide that in cases where the return is filed after the due date, the period for grant of interest on refund shall begin fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the time allowed under sub-section (5) of section 153 to the date on which the refund is granted. Sub-clause (C) of said clause seeks to amend sub-section (2) of the said section so as to give the reference of sub-section (1A) in the said sub-section which is consequential in nature. These amendments will take effect from 1st June, 2016. - statute, statutory provisions legislation, law, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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