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of <h1>Section 115T makes payment-responsible persons assessees in default for unpaid taxes on distributed income from mutual funds</h1> Section 115T establishes that persons responsible for making payments of income distributed by specified companies or mutual funds become assessees in default if they fail to pay required taxes under section 115R. All income-tax collection and recovery provisions apply to such defaulters. The section defines key terms including Mutual Fund, equity oriented fund, money market mutual fund, liquid fund, and references the Unit Trust of India. The provision ensures tax compliance in distribution of income from these investment vehicles.
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