If the assessee is granted refund under section 143(1) when no refund is due on regular assessment or granted excess refund under section 143(1) then the assessee is liable to pay simple interest at the rate of 0.5% per month of part of the month from the date of refund to the date of regular assessment.
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From financial year 2016-17, a new Section 44ADA is introduced for presumptive income for professionals. This section is similar to section 44AD for traders. Under this section professionals such as legal, medical, engineering, architect, accountancy, technical consultancy, interior decoration or any
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