Interest on IT Refund: Fin Min's clarification in Lok Sabha

UNSTARRED QUESTION NO 798

INTEREST ON IT REFUND

798 . Shri RUDRAMADHAB RAY
ASADUDDIN OWAISI

Will the Minister of FINANCE be pleased to state:-
(a)the amount of funds spent on payment of interest due to delay in Income Tax refund during the last three years and the current year;

(b)the heads under which such payment is charged/made, and

(c) the steps taken/proposed to be taken by the Government to ensure timely refund of Income Tax?

ANSWER

MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI S.S. PALANIMANICKAM)

(a) The Income Tax Act 1961, stipulates that refund to a taxpayer shall include interest on excess collection of taxes, as under:

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