Interest on unpaid distributed-income tax accrued monthly until payment when securitisation trusts missed the prescribed deadline.

Section 115TB imposed simple interest for delayed payment of distributed-income tax where the person responsible for paying income distributed by a securitisation trust and the trust failed to pay all or part of the tax within the allowed time. Interest was calculated at one per cent for each month or part thereof on the unpaid tax, from the day after the last permissible payment date until actual payment.

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