If any person responsible for making payment of the income distributed by the 1 specified company as referred to in clause (h) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002) or a Mutual Fund and the specified company or the Mutual Fund, as the case may be, does not pay tax, as is referred to in sub-section (1) or sub-section (2) of section 115R, then, he or it shall be deemed to be an assessee in default in respect of the amount of tax payable by him or it and all the provisions of this Act for the collection and recovery of income-tax shall apply.
Explanation.-For the purposes of this Chapter,-
(a) "Mutual Fund" means a Mutual Fund specified under clause (23D) of section 10;
2 (b) "equity oriented fund" means a fund referred to in clause (a) of the Explanation to section 112A and the Unit Scheme, 1964 made by the Unit Trust of India;
(c) "Unit Trust of India" means the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963);
3 (d) "money market mutual fund" means a money market mutual fund as defined in sub-clause (p) of clause (2) of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996;
(e) "liquid fund" means a scheme or plan of a mutual fund which is classified by the Securities and Exchange Board of India as a liquid fund in accordance with the guidelines issued by it in this behalf under the Securities and Exchange Board of India Act, 1992 (15 of 1992) or regulations made thereunder.
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1. Subs. by Act 32 of 2003, s. 57, for "Unit Trust of India
or a Mutual Fund and the Unit Trust of India" (w.e.f. 1-4-2003).
2. Subs. by Act 13 of 2018, s. 43, for clause (b) (w.e.f. 1-4-2018). Earlier it
was amended by Act 21 of 2006, s. 27 (w.e.f. 1-6-2006).
3. Ins. by Act 22 of 2007, s. 37 (w.e.f. 1-4-2007).
Section 115T Unit trust of India or mutual fund to be an assessee in default
Section 115TA Tax on distributed income to investors
Section 115TB Interest payable for non-payment of tax
Section 115TC Securitisation trust to be assessee in default
Section 115TCA Tax on income from securitization trusts
Section 115TD Tax on accreted income
Section 115TE Interest payable for non-payment of tax by trust or institution
Section 115TF When trust or institution is deemed to be assessee in default
Section 115U Tax on income in certain cases
Section 115UA Tax on income of unit holder and business trust
Section 115UB Tax on income of investment fund and its unit holders