At what monthly rate is interest ordinarily payable on a qualifying advance-tax refund under section 437 of the Income-tax Act, 2025?

Section 437(1) of the Income-tax Act, 2025 allows simple interest on a refund at 0.5% for every month or part of a month, including on a refund of advance tax, from 1 April after the tax year where the return was filed by the due date. A rate of 1% per month is what an assessee pays as interest on defaults in paying tax, not what the government pays on refunds.