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of <h1>Section 115QB imposes 1% monthly interest on unpaid tax for share buy-back distributed income under Income Tax Act</h1> Section 115QB of the Income Tax Act, 1961 establishes interest liability for non-payment of tax on distributed income during share buy-back by domestic companies. When a company or its principal officer fails to pay the required tax within the specified timeframe under section 115QA(3), they become liable for simple interest at one percent per month or part thereof. The interest period runs from the day after the tax payment due date until actual payment is made. This provision was inserted through the Finance Act 2013, effective June 1, 2013, as part of special provisions governing taxation of distributed income in share buy-back transactions.
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