As regards calculation of interest, even for one day delay, interest shall be levied @ 1% per one month.
The interest so calculated shall be paid before the quarterly statement for the relevant quarter. The confusion arose because in the case mentioned in the query, the relevant quarter is 31st March 2008 and the due date for the statement 15th June 2008, within what time the interest must have been paid. If that is the case, how does 31st July 2010 come into the picture? Does that mean the interest was not paid till then?