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of <h1>Principal officers and trustees become liable as assessees in default when failing to pay Section 115TD accreted income tax</h1> Section 115TF of the Income Tax Act establishes liability for tax on accreted income of specified persons. When principal officers or trustees fail to pay required tax under section 115TD, they become assessees in default subject to collection and recovery provisions. In cases involving asset transfers, the recipient becomes liable as assessee in default, with liability limited to the asset's capacity to meet obligations. The provision applies standard income tax collection mechanisms to enforce compliance with accreted income tax requirements.
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