10% embargo on payment of interest wasn’t applicable if refund arising due to self-assessment tax before 01-06-2016

INCOME TAX: Provisions of section 244A(1)(a) clearly lay down that where refund arising out of pre-paid taxes such as TCS/TDS/Advance Tax is less than 10 per cent of tax no interest is allowable. Proviso to section 244A(1)(a) which restricts interest on amount, if refund is less than 10 per cent of tax as determined under sub-section (1) to section 244A is applicable and has to be considered for computational purpose of interest computable for refund payable under section 244A(1)(a) However,

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