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of <h1>Domestic companies must pay 1% monthly interest on unpaid distributed profits tax under Section 115P</h1> Section 115P of the Income Tax Act, 1961 mandates that domestic companies and their principal officers must pay simple interest at one percent per month on unpaid tax on distributed profits under section 115-O. The interest applies from the day after the payment due date until actual payment. The provision was inserted in 1997, with the interest rate being amended multiple times - reduced from two percent to one and one-half percent in 2000, then to one and one-fourth percent in 2001, and finally to the current one percent rate in 2003.
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