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of <h1>Specified fund treated as assessee in default when responsible payer fails to remit tax on distributed income</h1> If a person responsible for paying tax on distributed income of a specified fund entity fails to pay the tax required under the relevant provisions, that entity shall be treated as an assessee in default for the unpaid amount and all income-tax collection and recovery provisions apply. The section further provides definitions and scope for covered entities and fund classifications, including mutual funds, the legacy unit trust scheme and categories such as equity-oriented funds, money-market mutual funds and liquid funds for purposes of this Chapter.
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