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[Cites 0, Cited by 0] [Section 437] [Entire Act]

Union of India - Subsection

Section 437(1) in The Income Tax Act, 2025

(1)Where a refund is due to the assessee under this Act, he shall, subject to the provisions of this section, be entitled to receive, in addition to the refund, simple interest thereon calculated at the rate of 0.5% for every month or part of a month, in the circumstances specified in column B of the Table below, for the period specified in column C of the said Table.Table
Sl. No.CircumstancesPeriod
ABC
1.Where the refund is out of tax collected at source under section 394 or paid by way of advance tax or treated as paid under section 390(5), during the financial year.(a) From the first day of April of the year following the tax year to the date on which the refund is granted, where the return of income has been furnished on or before the due date as specified in section 263(1);(b) from the date of furnishing the return of income to the date on which the refund is granted; in any other case.
2.Where the refund is out of any tax paid under section 266.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.
3.Any other case.From the date or, as the case may be, dates on and from which the amount of tax or penalty specified in the notice of demand issued under section 289 is paid in excess of such demand to the date on which the refund is granted.