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          <h1>Income-tax Act Amended: 'Specified Person' Replaces 'Trust or Institution' in Section 115TF, Effective April 1, 2023</h1> Section 115TF of the Income-tax Act is amended to replace the term 'trust or institution' with 'specified person,' effective April 1, 2023. This change applies to the assessment year 2023-2024 and onwards. The amendment clarifies that if a principal officer, trustee, or specified person fails to pay tax on accreted income as per section 115TD, they will be considered an assessee in default. All provisions for the collection and recovery of income tax will apply to them. The term 'specified person' is defined in clause (iia) of the Explanation to section 115TD.

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