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TMI BlogInterest on refundsX X X X Extracts X X X X X X X X Extracts X X X X ..... ay 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 sub-section (1) of section 139; or (ii) 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); 19 [ Provided that where refund arises as a result of an order passed by the Assessing Officer in consequence of an application made by the assessee under sub-section (20) of section 155, 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 such application to the date on which the refund is granted; ] (aa) where the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nnum, 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.] 20 [ Provided that 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, the period beginning from the date on which such refund is withheld by the Assessing Officer in accordance with and subject to provisions of sub-section (2) of section 245 and ending 21 [ with the date up to which such refund is withheld ] , shall be excluded. ] 16 [ (1B) Where refund of any amount becomes due to the deductor in respect of any amount p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which interest was payable under sub-section (1) 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 accordingly. (4) The provisions of this section shall apply in respect of assessments for the assessment year commencing on the 1st day of April, 1989, and subsequent assessment years :] 11 [ Provided that in respect of assessment of fringe benefits, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -10-1991. 9. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006. 10. Inserted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. 11. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006. 12 . Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of June, 2013. 13. Substituted vide THE FINANCE ACT, 2016 w.e.f. 1st day of June, 2016, before it was read as, ( a ) where the refund is out of any tax 3 [paid under section 115WJ or] 4 [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 rate of 5 [one-half per cent] for every month or part of a month comprised in the pe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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