- Where the person responsible for making payment of the income distributed by the [specified company as referred to in clause (h) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002) or a Mutual Fund and the specified company] [ Substituted by Act 32 of 2003, Section 57, for " Unit Trust of India or a Mutual Fund and the Unit Trust of India" (w.e.f. 1.4.2003).] or the Mutual Fund, as the case may be, fails to pay the whole or any part of the tax referred to in sub-section (1) or sub-section (2) of section 115-R, within the time allowed under sub-section (3) of that section, he or it shall be liable to pay simple interest at the rate of [one per cent.] [ Substituted by Act 54 of 2003, for " one and one-fourth per cent." (w.r.e.f. 8.9.2003).] every month or part thereof on the amount of such tax for the period beginning on the date immediately after the last date on which such tax was payable and ending with the date on which the tax is actually paid.
