Section 243 of ITA, 1961 : Section 243: Interest On Delayed Refunds
ITA, 1961
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Explanation using Example
Imagine a taxpayer, Mr. Sharma, has filed his income tax return claiming a refund due to excess tax paid. His total income includes salary, capital gains, and interest from bank deposits. The assessment is completed on June 30th, and it is determined that he is indeed eligible for a refund.
According to Section 243(1)(a) of The Income-tax Act, 1961, if the Assessing Officer does not grant Mr. Sharma's refund within three months from the end of July (which is the end of the month follow...
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