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of <h1>Section 115TE imposes one percent monthly simple interest on unpaid tax by specified persons after due date</h1> Section 115TE of the Income Tax Act, 1961 imposes liability for simple interest on specified persons who fail to pay tax on accreted income within the prescribed time limit. When the principal officer, trustee, or the specified person fails to pay the whole or part of tax referred to in section 115TD(1) within the allowed timeframe under section 115TD(5), they must pay simple interest at one percent per month on the unpaid tax amount. The interest period runs from the day after the due date until actual payment. The provision was inserted in 2016 and subsequently amended in 2022 to replace references to trusts and institutions with the broader term 'specified person.'
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