CURRENT AFFAIRS

Detailed explanation-1: -the Central Government shall pay the assessee simple interest at 1[six] per cent per annum, on the amount, directed to be refunded from the date immediately following the expiry of the period of three months or six months aforesaid, as the case may be, to the date of the order granting the refund. Explanation.

Detailed explanation-2: -Due Date to Claim Income Tax Refund You can claim an income tax refund within 12 months after the end of the relevant assessment year. However, the following conditions will also apply to the tax refund claims: a) You can claim a tax refund on the income tax paid within six successive assessment years.