Chapter XII-DASPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME OF DOMESTIC COMPANY FOR BUY-BACK OF SHARES (From Section 115QA to Section 115QC )
Part CProcedure for filing of return in respect of fringe benefits, assessment and payment of tax in respect thereof (From Section 115WD to Section 115WM )
Chapter XX-BREQUIREMENT AS TO MODE OF ACCEPTANCE, PAYMENT OR REPAYMENT IN CERTAIN CASES TO COUNTERACT EVASION OF TAX (From Section 269SS to Section 269TT )
Assessee in default: failure to pay tax on distributed income renders the unit trust or mutual fund liable under the tax code. Section 115T deems the Unit Trust of India or a Mutual Fund to be an assessee in default if the person responsible for paying tax on income distributed by ... Summary
Assessee in default: failure to pay tax on distributed income renders the unit trust or mutual fund liable under the tax code.
Section 115T deems the Unit Trust of India or a Mutual Fund to be an assessee in default if the person responsible for paying tax on income distributed by the specified company or Mutual Fund fails to pay the tax under section 115R(1) or (2); the unpaid tax amount is recoverable under the Act. The Explanation defines Mutual Fund, equity oriented fund, Unit Trust of India, money market mutual fund, and liquid fund for purposes of this Chapter.
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