Section 115P:
Interest payable for non-payment of tax by domestic companies.
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.
Notes:
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).