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of <h1>Payer of distributed income must pay 1% monthly simple interest on unpaid tax from day after due date until paid</h1> Where the person or entity responsible for paying tax on distributed income of a specified company or mutual fund fails to pay any part of the tax due under the relevant provisions within the prescribed time, they must pay simple interest at one percent per month or part month on the unpaid tax. Interest accrues from the day after the last date for payment and continues until the date the tax is actually paid.
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