Where the person responsible for making payment of the income distributed by the 1 specified company as referred to in clause (h) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002) or a Mutual Fund and the specified company or the Mutual Fund, as the case may be, fails to pay the whole or any part of the tax referred to in sub-section (1) or sub-section (2) of section 115R, within the time allowed under sub-section (3) of that section, he or it shall be liable to pay simple interest at the rate of 2 one per cent. 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 32 of 2003, s. 57, for "Unit Trust of India or a Mutual Fund and the Unit Trust of India" (w.e.f. 1-4-2003).
2. Subs. by Act 54 of 2003, s. 5, for "one and one-fourth per cent." (w.e.f. 8-9-2003).
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