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Income Tax dept to pay interest on TDS refund
Highlights
The Income Tax department will now add interest amount to a delayed refund made on excess TDS deductions and will also not litigate with the deductor on this issue in the future, a latest directive has said.
​New Delhi : The Income Tax department will now add interest amount to a delayed refund made on excess TDS deductions and will also not litigate with the deductor on this issue in the future, a latest directive has said.
The Central Board of Direct Taxes has issued a directive in this regard to the assessing officers of the I-T department based on a 2014 Supreme Court order where the apex court had made it clear that the taxman is "bound" to pay interest on refund made under the TDS category.
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