How can one get interest on refunds u/s 244A?
Ans: If the refund due to the assessee is more than 10% of the tax payable by him, he shall be entitled to receive simple interest thereon at the rate of 0.75% per month (substituted in place of 1% per month w.e.f. 01.06.2001) or part thereof from 1st April of the assessment year to the date on which the refund is granted. The Finance Act has provided that this rate would be further reduced to two-third percent w.e.f. 01.06.2002.
