Interest Payable for Non-Payment of Tax - Section 115TB - Income Tax - Ready Reckoner - Income Tax

Interest Payable for Non-Payment of Tax - Section 115TB [Applicable upto 31st May, 2016] Where the person responsible for making payment of the income distributed by the securitization trust and the securitization trust fails to pay the whole or any part of the tax referred to in section 115TA(1) , within the time allowed under section 115TA(2), he or it shall be liable to pay simple interest at the rate of 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.