Interest is payable to the assessee on the amount of refund under the Income Tax Act, 1961 where the amount to Refund is :

CS Executive · Tax Laws · PYQS · December 2023

(A) 2.5 percent or more of the tax as determined under section 143(1) of the Income Tax Act, 1961

(B) 5 percent or more of the tax as determined under section 143(1) of the Income Tax Act, 1961

(C) 7.5 percent or more of the tax as determined under section 143(1) of the Income Tax Act, 1961

(D) 10 percent or more of the tax as determined under section 143(1) of the Income Tax Act, 1961

Answer & Explanation:

Correct Answer: Option (D)

Official answer key: (D).

Topics: Income Tax Act, 1961