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          <h1>Finance Bill 2022 amends Section 115TE: Changes 'trust or institution' to 'specified person' for unpaid tax interest.</h1> Clause 32 of the Finance Bill, 2022, amends section 115TE of the Income-tax Act, effective April 1, 2023. The amendment replaces references to 'trust or institution' with 'specified person' in the context of interest payable for non-payment of tax on accreted income. The section mandates that if the principal officer or trustee fails to pay the tax within the allowed timeframe, they must pay a simple interest of one percent per month on the unpaid tax. The term 'specified person' is defined as per clause (iia) of the Explanation to section 115TD. These changes apply from the assessment year 2023-2024 onward.

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