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Amendment of section 244A.

Section 92 - Act - DIRECT TAXES - Finance Act - Section 92 - 92. 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:- (a) where the refund is out of any tax collected at source under section 206C or 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 ra .....

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on 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 which the refund is granted: Provided that no interest under clause (a) or clause (aa) shall be payable, if the amount of refund is less than ten per cent. of the tax as determined under sub-section (1) of section 143 or on regular assessment; ; (B) after sub-s .....

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