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Interest rate on tax refunds cut to 6%

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P Vaidyanathan Iyer New Delhi
 According to revenue department sources, cutting the interest rate on refunds will call for an amendment to the Finance Act 2003. It was likely to be amended in the current session of Parliament, the sources said.

 Heavy refunds of corporate taxes every year had raised the eyebrows of many in the department of economic affairs. Even the Comptroller and Auditor-General had recently drawn the finance minister

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First Published: Jul 30 2003 | 12:00 AM IST

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