Income Tax Refund Interest

Tax Glossary Definition

Income Tax Refund Interest

Income Tax Refund Interest – Compensation paid by the Income Tax Department to taxpayers for delayed refunds, calculated at a prescribed interest rate to account for the time value of money. Example: If a refund of ₹10,000 is delayed for 2 years, the department pays interest at 6% per annum on the refund amount.

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