CHAPTER XX — REFUNDS INCOME-TAX ACT, 2025 INCOME-TAX ACT, 1961 s. 431 — Entitlement s. 237 s. 433 — Form / Limitation s. 239 s. 434 — Appellate refund s. 240 s. 435 — Withholding (FA 2017) s. 241A s. 436 — Interest (0.5%/month) s. 244A s. 437 — Set-off against demand s. 245 Practitioner notes…

CHAPTER XX — REFUNDS

Chapter XX — At a Glance

INCOME-TAX ACT, 2025	INCOME-TAX ACT, 1961
s. 431 — Entitlement	s. 237
s. 433 — Form / Limitation	s. 239
s. 434 — Appellate refund	s. 240
s. 435 — Withholding (FA 2017)	s. 241A
s. 436 — Interest (0.5%/month)	s. 244A
s. 437 — Set-off against demand	s. 245

Practical points

Refunds are credited to a bank account pre-validated on the income-tax portal (PAN-Aadhaar-linked).
Section 436 interest: forms part of the refund; auto-computed by CPC.
Section 437 adjustment: the intimation allows a 30-day window for a response, in which a stay or disputed status can be shown.
Refund withholding under s. 435: rare; reasons are recorded in writing, and an unreasonable withholding is open to writ challenge.

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ITA 2025 — Chapter XX commentary (Vol XX)

CHAPTER XX — REFUNDS

Chapter XX — At a Glance

Practical points