Tax on distributed profits: failure to pay renders the company and its principal officer an assessee in default. Where a domestic company does not pay the tax chargeable on distributed profits, the company and its principal officer are deemed to be assessee(s) in ... Summary
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Tax on distributed profits: failure to pay renders the company and its principal officer an assessee in default.
Where a domestic company does not pay the tax chargeable on distributed profits, the company and its principal officer are deemed to be assessee(s) in default for the unpaid tax amount, and all statutory collection and recovery provisions for income-tax apply to recover that liability.
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