Interest on unpaid tax for distributed profits accrues monthly until payment by the company and principal officer. Where a domestic company and its principal officer fail to pay the tax on distributed profits within the prescribed time, both are liable to pay simple ... Summary
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Interest on unpaid tax for distributed profits accrues monthly until payment by the company and principal officer.
Where a domestic company and its principal officer fail to pay the tax on distributed profits within the prescribed time, both are liable to pay simple interest for every month or part thereof on the unpaid tax from the day after the due date until actual payment; the current statutory rate is one per cent per month as substituted by subsequent amendments.
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