Interest is payable to an assesse on the amount of refund under the Income Tax Act, 1961 where the amount of refund is

CS Executive · Tax Laws and Practice · PYQS · December 2018
Interest is payable to an assesse on the amount of refund under the Income Tax Act, 1961 where the amount of refund is
(A) more than ten percent of the tax as determined on regular assessment
(B) more than five percent of the tax as determined on regular assessment
(C) more than fifteen percent of the tax as determined on regular assessment
(D) more than twenty percent of the tax as determined on regular assessment

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Income Tax Act, 1961

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