Instruction related to refunds. - Income Tax - Instruction No. 07/2002

INSTRUCTION NO. 7/2002 Dated: August 1, 2002 Subject:- Issue of refunds - Instructions regarding. In addition to the instructions already issued on the above subject the following instructions ire issued for strict compliance for all the concerned office/officials with immediate effect (i) The refunds determined in which administrative approval is necessary before issue of refund, should be issued within 30 days from the date of determination of refunds. (ii) Interest u/s 244A should be calculated till the date of the signature of the refunds by the AO while granting refunds to the assessees. (iii) Information regarding number of refunds issued and pendency of refunds and interest paid u/s 244A should be reported monthly henceforth as per proforma attached. (iv) All returns in which refunds are payable to the assessees, should be processed first in order to minimise the payment of interest u/s 244A. F.No. 225/51/2002/ITA.II (Sangeetha Gupta) Director (ITA.II) Central Board of Direct Taxes