Specified person substitution in section 115TF treats responsible persons as deemed assessee in default for unpaid accreted income. Amendment substitutes references to trusts and institutions in section 115TF with specified person, inserts an Explanation adopting the meaning from ... Summary
Specified person substitution in section 115TF treats responsible persons as deemed assessee in default for unpaid accreted income.
Amendment substitutes references to trusts and institutions in section 115TF with specified person, inserts an Explanation adopting the meaning from clause (iia) of the Explanation to section 115TD, and provides that where a principal officer, trustee or specified person fails to pay tax on accreted income under section 115TD they shall be deemed to be an assessee in default and subject to the Act's collection and recovery provisions.
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