Whether income tax refund will be refunded with interest on it ?

POSTED BY bhongalepd ON March 28, 2014 12:26 pm COMMENTS (3)

whether income tax refund will be refunded with interest on it or not? if employer deduct the excess income tax at source in such case will employee get excess tax deducted amount with interest when he files e-return to income tax department?

3 replies on this article “Whether income tax refund will be refunded with interest on it ?”

  1. Hemanth Chandra says:

    Dear Bhongalepd,

    I am sorry that the answer that I have given is wrong. Ashal has provided the correct answer as usual. 🙂

    Please go through the below article to know how much interest you will get on the refund amount.

    http://businesstoday.intoday.in/story/central-board-of-direct-taxes-on-tax-refund-delays-interest/1/197199.html

    Regards,
    Hemanth.

  2. ashalanshu says:

    Dear Bhongalepd, yes you ‘ll get the interest on your refund amount depending upon the time taken for processing of your return. More the time (delay in refund), more interest. 🙂

    Thanks

    Ashal

  3. Hemanth Chandra says:

    Dear Bhongalepd,

    Actually, there will be some cutoff time. If you get the refund before this date, you will not get any interest. If in any case, if you don’t get the money before this date because of some delay from income tax department, then you will get the interest also.

    Regards,
    Hemanth.

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