Section 244A(1)

(1) 3[Where refund of any amount becomes due to the assessee under this Act], he shall, subject to the provis ions of this section, be entitled to receive, in addition to the said amount, simple interest thereon calculated in the following manner, namely :- 4[(a) where the refund is out of any tax collected at source under section 206C or paid by way of advance tax or treated as paid under section 199, during the financial year immediately preceding the assessment year, 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, -