Do taxpayers receive interest on delayed income tax refunds?
Central Board of Direct Taxes (CBDT) Chairman Ravi Agrawal said refunds for low-value claims are already being processed. However, most pending income tax refunds, including high-value and red-flagged ones, are expected to be cleared by December. Under Section 244A of the Income Tax Act, taxpayers whose filings are complete and accurate may receive 6% annual simple interest on delayed refunds.