Interest payable for non-payment of tax.115S.
Where the person
responsible for making payment of the income
distri- buted by the 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 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.