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Amendment of section 244A.

Clause 90 - Bills - DIRECT TAXES - FINANCE BILL, 2016 - Clause 90 - 90. 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:- ( .....

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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 furnished on or before the .....

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r section 140A, 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, from the date of furnishing of return of income or payment of tax, whichever is later, to the date on whic .....

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r sub-section (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, wholl .....

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three per cent. per annum, for the period beginning from the date following the date of expiry of the time allowed under sub-section (5) of section 153 to the date on which the refund is granted. ; (C) in sub-section (2), after the words interest is .....

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end clause (a) of sub-section (1) of the said section. The aforesaid section provides that an assessee is entitled to interest on refund arising out of excess payment of advance tax, tax deducted or collected at source, etc. Further, it is provided t .....

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n is filed after the due date, the period for grant of interest on refund shall begin from the date of filing of return. It is further proposed to provide that an assessee shall be eligible to interest on refund of self-assessment tax for the period .....

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