Where the assessee obtained a refund out of any tax paid under section 140A, interest on such refund shall be calculated at a rate of ............ from the date of furnishing of return of income or payment of tax, whiche

CS Executive · Tax Laws and Practice · PYQS · December 2021

Where the assessee obtained a refund out of any tax paid under section 140A, interest on such refund shall be calculated at a rate of ............ from the date of furnishing of return of income or payment of tax, whichever is later, to the date on which refund granted.

(A) ½% for every month or part of a month comprised in the period

(B) 1% for every month of part of a month

(C) 1½% for every month or part of a month

(D) 2% for every month or part of a month

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Income Tax Act, 1961

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Where the assessee obtained a refund out of any tax paid under section 140A, interest on such refund shall be calculated at a rate of ............ from the date of furnishing of return of income or payment of tax, whiche

Answer & Explanation:

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