Where the principal officer of a domestic company and the company fails to pay the whole or any part of the tax on distributed profits referred to in sub-section (1) of section 115-O, within the time allowed under subsection (3) of that section, he or it shall be liable to pay simple interest at the rate of 1 one per cent. for every month or part thereof on the amount of such tax for the period beginning on the date immediately after the last date on which such tax was payable and ending with the date on which the tax is actually paid.
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1. Subs. by Act 54 of 2003, s. 4, for "one and one-fourth per cent." (w.e.f. 8-9-2003). Earlier the quoted words were amended by Act 10 of 2000, s. 54 (w.e.f. 1-6-2000).
Section 115JG Conversion of an Indian branch of foreign company into subsidiary Indian company
Section 115JH Foreign company said to be resident in India
Section 115O Tax on distributed profits of domestic companies
Section 115P Interest payable for non-payment of tax by domestic companies
Section 115Q When company is deemed to be in default
Section 115QA Tax on distributed income to shareholders
Section 115QB Interest payable for non-payment of tax by company
Section 115QC When company is deemed to be assessee in default