{"id":2417,"date":"2019-10-31T14:38:35","date_gmt":"2019-10-31T09:08:35","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=2417"},"modified":"2019-10-31T14:38:35","modified_gmt":"2019-10-31T09:08:35","slug":"section-234d-interest-on-excess-income-tax-refund","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/section-234d-interest-on-excess-income-tax-refund\/","title":{"rendered":"Section 234D : Interest on Excess Income Tax Refund"},"content":{"rendered":"<p>Why sec 234D levy, how is refund granted, Reason for levy 234D, How interest is computed, What may be the Examples for Sec 234D, what is the rate of interest<b>\u00a0<\/b><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2420 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/income-tax-refund.png\" alt=\"income tax refund\" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/income-tax-refund.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/income-tax-refund-300x171.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/income-tax-refund-20x11.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/section-234d-interest-on-excess-income-tax-refund\/#Why_Sec_234D_come_into_Existence\" title=\"Why Sec 234D come into Existence?\">Why Sec 234D come into Existence?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/section-234d-interest-on-excess-income-tax-refund\/#Rate_of_interest_and_Levying_Period\" title=\"Rate of interest and Levying Period:-\">Rate of interest and Levying Period:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/section-234d-interest-on-excess-income-tax-refund\/#An_adjustment_under_Section_234D2\" title=\"An adjustment under Section 234D(2)\">An adjustment under Section 234D(2)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/section-234d-interest-on-excess-income-tax-refund\/#Illustration\" title=\"Illustration\">Illustration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/section-234d-interest-on-excess-income-tax-refund\/#Solution\" title=\"Solution:-\">Solution:-<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Why_Sec_234D_come_into_Existence\"><\/span><b>Why Sec 234D come into Existence?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The situation arises, when a Refund is granted to the Assessee upon claiming of Income Tax refund via processing of ITR return under section 143(1) after <a href=\"https:\/\/aktassociates.com\/blog\/income-tax-return-filing\/\">Income Tax Return Filing<\/a>. So if the Assessee has claimed excess Refund either they may be because of Miscalculation or for other Non-bonafide reasons, then the department will charge <\/span>Interest on Refund granted. <span style=\"font-weight: 400;\">It&#8217;s just a Punishment in monetary terms by way of levy Interest under section 234D.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Rate_of_interest_and_Levying_Period\"><\/span><b>Rate of interest and Levying Period:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The rate of interest under Section 234D is levied <\/span>at 0.5%<span style=\"font-weight: 400;\"> per month or a part of the month on the refund amount recoverable from the taxpayer.\u00a0 Interest will be calculated from the date of granting the refund under Section 143(1) till the date until such Refunded amount is not payback along with the interest as defined under section 234D of <a href=\"https:\/\/aktassociates.com\/blog\/section-234e-of-income-tax-act\/\">Income Tax Act<\/a>, 1961.*<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"An_adjustment_under_Section_234D2\"><\/span><b>An adjustment under Section 234D(2)<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Where in consequence of an order under section 154 or section 155 or section 250 or section 254 or section 260 or section 262 or section 263 or section 264 or an order of the Settlement Commission under sub-section (4) of section 245D, the amount of refund granted under sub-section (1) <a href=\"https:\/\/aktassociates.com\/blog\/section-143-2-of-income-tax-act-1961\/\">of section 143<\/a> is held to be correctly allowed then it may be the whole or partial amount as the case may be.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Illustration\"><\/span><b>Illustration<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Mrs. Aanya filed <\/span><span style=\"font-weight: 400;\">her<\/span><span style=\"font-weight: 400;\"> return of income declaring a refund of Rs. 1,84,000. Her return was processed under section 143(1) and the refund was granted to him of Rs.1,84,000. Consequently, the case was selected for scrutiny and a regular assessment under section 143(3) was made. But In the regular assessment, his refund was reduced to Rs. 1,20,000. What will be the interest under section 234D?<\/span><\/p>\n<h2><a href=\"https:\/\/aktassociates.com\/business-compliance\/yearly-compliance\/it-return-filing\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2340 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Income-Tax-Return-filing.png\" alt=\"Income Tax Return filing\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Income-Tax-Return-filing.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Income-Tax-Return-filing-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Income-Tax-Return-filing-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Solution\"><\/span><b>Solution<\/b><span style=\"font-weight: 400;\">:-<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In the instant case initial refund of Rs. 1,84,000 was granted after processing the return under section 143(1) and, subsequently, the refund was reduced to Rs. <\/span><span style=\"font-weight: 400;\">1,20,000<\/span><span style=\"font-weight: 400;\">.<\/span><b>.<\/b><span style=\"font-weight: 400;\"> In this case, as refund <\/span><span style=\"font-weight: 400;\">granted under intimation u\/s 143(1) <\/span><span style=\"font-weight: 400;\">was higher than determined under section 143(3), the Regular Assessment. So the excess refund will be liable to Charge with the Interest under section 234D @0.5% per month or part of the month thereof. So Interest will be levied on Rs.84,000 @0.5% from the date of granted refund to the date of payment of an excess refund to the Department.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Why sec 234D levy, how is refund granted, Reason for levy 234D, How interest is computed, What may be the &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Section 234D : Interest on Excess Income Tax Refund\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/section-234d-interest-on-excess-income-tax-refund\/#more-2417\">Read more<span class=\"screen-reader-text\">Section 234D : Interest on Excess Income Tax Refund<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":2421,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - 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