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of <h1>Responsible persons must pay 1% monthly interest under Section 115S for delayed tax remittance on distributed income</h1> Section 115S of the Income Tax Act, 1961 mandates interest payment for delayed tax remittance on distributed income. When responsible persons fail to pay tax under section 115R within prescribed time limits, they incur simple interest at one percent per month on unpaid amounts. Interest accrues from the day after the due date until actual payment. The provision applies to specified companies referenced in the Unit Trust of India Transfer Act, 2002, and Mutual Funds. The interest rate has been amended multiple times since the section's insertion in 1999, reducing from two percent to the current one percent monthly rate.
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