Interest payable for non-payment of tax.115TB.
Where the person
responsible for making payment of the income
dis- tributed by the securitisation trust and the securitisation trust fails to pay the whole or any part of the tax
referred to in sub-section (1) of section 115TA
, within the time allowed under sub-section (2) 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.