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 for share buy-back renders company and principal officer liable. Failure to pay tax on distributed income arising from a domestic company's buy-back of shares causes the company and its principal officer to be deemed to ... Summary
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Assessee in default: failure to pay tax on distributed income for share buy-back renders company and principal officer liable.
Failure to pay tax on distributed income arising from a domestic company's buy-back of shares causes the company and its principal officer to be deemed to be an assessee in default, and all provisions of the Act for the collection and recovery of income-tax shall apply.
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