Legal Question in Business Law in India
What is a 'Statutory Payment'? E.g whether the payment made to a statutory authority can be termed as Statutotry payment ? Or, amount payable by statute to any payee whether statutory authority or not - be termed as Statutory payment? Can Interest on delayed payment of income tax under the Income Tax, be said to be statutory payment? Or payment to Railways for purchase of a railway ticket is a statutory payment?
Asked on 10/07/09, 5:06 am
1 Answer from Attorneys
Seshadri Srinivasan
www.lawconcern.com
The term statutory payment is colloquial. Any payment which is under a law required, is usllay termed as statutory payment.
Answered on 10/07/09, 8:31 pm
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