Amendment of section 244A

In force Act 8 of 2023 As on 10 Oct 2026

Act 8 of 2023 Ministry Finance Cited by 1 provision

Section 98 of the Finance Act, 2023 deals with amendment of section 244A. Amendment of section 244A. 98. In section 244A of the Income-tax Act,— (a) | in sub-section (1), in clause (a), after sub-clause (ii), the following proviso shall be inserted with effect from the 1st day of October, 2023, namely:— "Provided that where refund arises as a result of an order passed by

Amendment of section 244A.
98. In section 244A of the Income-tax Act,—
(a) in sub-section (1), in clause (a), after sub-clause (ii), the following proviso shall be inserted with effect from the 1st day of October, 2023, namely:—
"Provided that where refund arises as a result of an order passed by the Assessing Officer in consequence of an application made by the assessee under sub-section (20) of section 155, such interest shall be calculated at the rate of one-half per cent for every month or part of a month comprised in the period from the date of such application to the date on which the refund is granted;";
(b) in sub-section (1A), the following proviso shall be inserted, namely:—
"Provided that where proceedings for assessment or reassessment are pending in respect of an assessee, in computing the period for determining the additional interest payable to such assessee under this sub-section, the period beginning from the date on which such refund is withheld by the Assessing Officer in accordance with and subject to provisions of sub-section (2) of section 245 and ending with the date on which such assessment or reassessment is made, shall be excluded.".
Section 98, The Finance Act, 2023 (Act 8 of 2023).

Cross-references

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This section refers to

Referred to by 1

s. 174 Amendment of Act 23 of 2004

Questions about Section 98

What does Section 98 of the Finance Act deal with?

Section 98 of the Finance Act is headed "Amendment of section 244A". Amendment of section 244A. 98. In section 244A of the Income-tax Act,— (a) | in sub-section (1), in clause (a), after sub-clause (ii), the following proviso shall be inserted with effect from the 1st day of October, 2023, namely:— "Provided that where refund arises as a result of an order passed by

How do I find court cases under Section 98 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2023 98, section 98 Finance Act 2023, section 98 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 98 of the Finance Act, and has it changed?

Its own text turns on section 155 (Amendment of section 122), Income-tax Act 244A (Interest on refunds), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was the Finance Act enacted?

Finance Act was enacted in 2023 as Act 8 of 2023. India Code records no commencement date for it. It is in force as at the date shown on this page.

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54. Insertion of new section 115BAE1218 words

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(a)		in sub-section (1), in clause (a), after sub-clause (ii), the following proviso shall be inserted with effect from the 1st day of October, 2023, namely:—
		"Provided that where refund arises as a result of an order passed by the Assessing Officer in consequence of an application made by the assessee under sub-section (20) of section 155, such interest shall be calculated at the rate of one-half per cent for every month or part of a month comprised in the period from the date of such application to the date on which the refund is granted;";
(b)		in sub-section (1A), the following proviso shall be inserted, namely:—
		"Provided that where proceedings for assessment or reassessment are pending in respect of an assessee, in computing the period for determining the additional interest payable to such assessee under this sub-section, the period beginning from the date on which such refund is withheld by the Assessing Officer in accordance with and subject to provisions of sub-section (2) of section 245 and ending with the date on which such assessment or reassessment is made, shall be excluded.".